FinTech startup Cleo, a digital assistant which helps consumers manage their finances, has secured $10m.
Users can connect their bank accounts to Cleo, which then offers personalised insight into an individual’s spending data. Mostly used by millennials, Cleo’s customers speak to her in Facebook Messenger.
The company claims to have more than 600,000 users, with 94% of those aged under-35.
The latest tranche of funding brings Cleo’s total investment raised to $15m.
Balderton Capital led the round and joined existing backers including LocalGlobe as well as angels that include Niklas Zennstrom, founder of Skype; Taavet Hinrikus, founder of TransferWise; and Simon Franks, co-founder of LoveFilm.
Cleo is now looking to launch its own range of financial products.
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CEO Barney Hussey-Yeo said: “From overdraft fees to credit cards, the traditional range of financial products doesn’t work for this generation. The model of retail banking is not set up for the people it serves. Cleo’s changing that.”
The company will continue to expand internationally, having launched in North America in April 2018.
Hussey-Yeo added: “Cleo is designed to solve a global problem. There’s an arms race going on to become the financial interface for this generation. A Google-size company will emerge in the next five years that achieves that.”
Rob Moffat, partner at Balderton Capital, went on to explain why he backed the startup.
“In the future, people may not use a traditional bank account as their primary financial interface. Cleo has managed to strike the perfect balance between education and entertainment, bringing a unique personality that keeps users coming back. We believe that Cleo has the team and product to become the leading global player in the coming years.”