What is Cleo?
Founded in 2016, Cleo operates at the intersection of artificial intelligence and personal finance. The company provides an engaging, conversational AI interface designed to replace traditional, often opaque, banking advice with personalized, actionable insights. By positioning itself as a trustworthy digital companion, Cleo addresses the inherent friction in personal money management, offering products that are specifically engineered to put the user's financial interests first. Its market position is defined by its ability to scale rapidly while maintaining a high level of user engagement, effectively bridging the gap between complex financial data and accessible, everyday financial literacy.
The company's funding history reflects a disciplined expansion strategy, beginning with early-stage capital in 2017 and progressing through successive Series A, B, and C rounds. This progression highlights Cleo's ability to consistently meet growth milestones and demonstrate the viability of its AI-first approach to consumer finance.
How much funding has Cleo raised?
Cleo has raised a total of $137.3M across 5 funding rounds:
Angel/Seed
$700K
Angel/Seed
$2.6M
Series A
$10M
Series B
$44M
Series C
$80M
Angel/Seed (2017): $700K, investors not publicly disclosed
Angel/Seed (2017): $2.6M led by LocalGlobe
Series A (2018): $10M supported by Balderton Capital
Series B (2020): $44M featuring SBI, LocalGlobe, Balderton Capital LLP, and EQT Partners Inc
Series C (2022): $80M backed by Sofina
Key Investors in Cleo
Sofina
Sofina is a Brussels-based private equity and venture capital firm that specializes in growth capital and digital transformation, supporting companies across various stages of development.
Balderton Capital
Balderton Capital is a prominent London-based venture capital firm focused on investing in early-stage, high-growth technology companies across Europe.
LocalGlobe
LocalGlobe is a venture capital firm that focuses on seed and early-stage investments, providing strategic support to founders building transformative technology businesses.
What's next for Cleo?
With the successful completion of its latest funding round, Cleo is well-positioned to accelerate its product development and expand its market footprint. The strategic focus will likely shift toward deepening its AI capabilities to offer more sophisticated financial products, potentially moving into broader wealth management or credit-building services. As the company matures, the emphasis will remain on scaling its user base while maintaining the high-trust, conversational brand identity that has become its hallmark. Investors are clearly betting on Cleo's capacity to redefine the consumer-bank relationship, setting the stage for a potential future in the broader digital banking ecosystem.
See full Cleo company page
