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Cleafy Named a Leader in QKS Group's 2026 SPARK Matrix for Enterprise Fraud Management
By News Desk ·
Key takeaways
- QKS Group named Cleafy a leader in its SPARK Matrix: Enterprise Fraud Management, 2026.
- QKS Group's Anandh Ramaswamy said Cleafy's Fraud xDR connects device, malware, network, session and transaction evidence into a continuous view of an attack.
- Cleafy's Michael Morris said the company brought cybersecurity discipline into fraud prevention to recognise attacks before they become fraudulent transactions.
- European banks have run Cleafy's Autonomous Fraud Operations since December 2025.
QKS Group named Cleafy a leader in its SPARK Matrix: Enterprise Fraud Management, 2026, the analyst firm announced on November 2, 2026. PR Newswire carried the announcement. Cleafy is a Milan-based cybersecurity company founded in 2014 that sells an AI-powered Fraud Extended Detection and Response platform to financial institutions for real-time detection and prevention of digital banking fraud across web, mobile and API channels.
How QKS Group Assessed Cleafy
The SPARK Matrix evaluates enterprise fraud management providers across Technology Excellence and Customer Impact. QKS Group cited Cleafy's cyber-fraud convergence approach, real-time attack visibility and explainable fraud detection. Anandh Ramaswamy, Practice Director at QKS Group, said: "Fraud increasingly begins as a cyberattack, well before a payment is initiated." He said the assessment found Cleafy compelling in connecting those stages through its Fraud xDR approach, which brings device, malware, network, session and transaction evidence into a continuous view of how an attack develops.
Divya Baranawal, Vice President and Principal Analyst at QKS Group, said the leader position reflects connecting cybersecurity intelligence with fraud operations rather than treating them as separate detection functions. Cleafy LABS contributes specialist threat research and intelligence, while Cleafy Nyx autonomously hunts for emerging threats and connects activity across sessions, accounts and devices, with recommended responses subject to institutional oversight. QKS Group's earlier SPARK Matrix placements include SuccessKPI in workforce engagement management and AuraQuantic in low-code application development, both announced on October 29, 2026.
Michael Morris, Product Director at Cleafy, said: "We brought the discipline of cybersecurity into fraud prevention to recognise attacks before they become fraudulent transactions." European banks have been running Cleafy's Autonomous Fraud Operations since December 2025, according to the announcement.
Cleafy's Funding and Nyx Launch
According to akta.pro company records, Cleafy closed a €12 million Series B funding round in March 2026 co-led by United Ventures and eCAPITAL, bringing total funding to €22 million, earmarked for Europe and Latin America expansion and scaling predictive threat capabilities. The same records list total funding of $24.6 million at Series B stage, with the last round dated March 12, 2026.
The same records show Cleafy launched Nyx in March 2026, an AI-driven autonomous fraud investigation platform that completes investigations in under 4 minutes versus an industry standard of 4+ hours, with zero human intervention in the investigation loop at tier-1 EU banks. Cleafy also launched Cleafy for Workforce in March 2026, a product line targeting insider threats in financial institutions and positioned for demand from DORA and NIS2 compliance requirements. The records count 150+ financial institutions served, including ING, BCC Iccrea Group, Illimity Bank and BPS (Suisse).
What the QKS Group Study Covers
The SPARK Matrix study includes analysis of global market dynamics, major trends, the vendor landscape and competitive positioning, and provides a competitive analysis and ranking of Enterprise Fraud Management, 2026 providers. QKS Group said buyers should validate fit with existing payment controls, required channels and governance arrangements.