Financial management app Cleo has raised £2 million led by Local Globe’s Robin Klein with participation from Atomico CEO Niklas Zennström and Albion founder Jason Goodman.
Launched in January, Cleo uses AI to monitor your bank accounts and manage your money. According to the company, it’s currently managing £400 million in assets where it handles user queries about balances, spending, savings, and bills. Insights are delivered through Facebook Messenger. Its key demographic is under-30s.
“Legacy banking software is unable to cater to the needs of a generation that is used to instant responses and real-time interaction,” said Barney Hussey-Yeo, CEO of Cleo. “We designed Cleo to make it easy for anyone to understand where their money is going, to easily save, or to send money to friends instantly through a familiar interface.”
The new funds will be invested in product development, international expansion, and growing its team.
Cleo has demonstrated impressive user retention in a short space of time, said Robin Klein, general partner at LocalGlobe. “People using the service really understand where their money is going and can find ways to save and replace with better financial products,” he said.
The funding round will be used for product development, team growth and international expansion.
Investor Jason Goodman is also joining the company as a non-executive director.