Cleo raises $44m for money management bot
After closing a $44 million funding round, British AI-based personal finance chatbot Cleo is turning the tables on its users and asking them how it should spend its money.
EQT Ventures led the round, with participation from existing investors, including Balderton Capital, LocalGlobe and SBI.
Launched in 2016, London-based Cleo integrates with users’ bank accounts and then uses AI to analyse spending habits and transaction histories to help with money management. The company has attracted a strong following among Gen Z with its conversational style, epitomised by a “roast mode”.
Cleo now claims four million registered users, the vast majority of which are in the US, where some of the new funding will be used to make executive and product team hires in San Francisco, according to TechCrunch.
But with a healthy bank balance, the company is also asking users for ideas on how it can “help you get your money right”. Among the possibilities it floats in a blog is a “proper bank account”, which would mark a significant change of direction.
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