What is Cleo?
Founded in 2016, Cleo addresses the complexity of personal finance by offering an AI-powered assistant designed to provide personalized financial advice and products. The company's core proposition is to act as a trustworthy, intelligent ally, transforming intricate financial data into simple, engaging conversations. Cleo aims to democratize financial well-being by prioritizing user interests, a stark contrast to traditional financial institutions. Its AI assistant is engineered to manage the complexities of users' financial lives, offering insights and tools that are radically personal and user-centric.
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 Balderton Capital LLP, LocalGlobe, SBI, and EQT Partners Inc
Series C (2022): $80M backed by Sofina
Key Investors in Cleo
Balderton Capital
Balderton Capital is a London-based venture capital firm that raises dedicated funds to invest in early-stage, high-growth technology companies across Europe, typically leading Seed and Series A rounds and supporting founders through global scaleup and exits.
LocalGlobe
LocalGlobe is an early-stage venture capital firm that invests in technology companies, often focusing on consumer and enterprise startups.
Sofina
Sofina is a private equity and venture capital firm specializing in growth capital and investments across various stages, with a focus on digital transformation, consumer & retail, and financial services worldwide.
What's next for Cleo?
With its latest round of major strategic investment, Cleo is poised to accelerate its growth and further enhance its AI capabilities. The substantial enterprise-level funding suggests a focus on scaling operations, expanding its user base, and potentially developing new product lines or features. Investors are likely betting on Cleo's ability to capture a significant share of the burgeoning fintech market by offering a unique, AI-driven solution that resonates with consumers seeking transparent and personalized financial guidance. Future developments may include deeper integrations with financial institutions and enhanced predictive analytics for financial planning.
See full Cleo company page
