Personal finance app Cleo collects $10m in Series A

AI-powered personal finance chatbot Cleo has collected $10m in its Series A round.

The capital was led by Balderton Capital, with participation from LocalGlobe, Skype founder Niklas Zennström, and TransferWise founder Taavet Hinrikus.

With this new line of funding, the company will look to hire new staff, further the development of its platform and expand its international presence.

Founded in 2016, Cleo is a personal finance chatbot which is powered by AI technology and integrates through messengers including Facebook, Amazon Alexa, Google Assistant or through text messages. The platform enables consumers to keep track of their spending, bills, and savings, which can be spilt into categories to ease referral.

The UK-based company recently hit the 500,000-user mark, following a strong period of growth which has seen 20,000 new users join each week. Its goal is to reach 100 million active users in the next five years.

This investment brings the company’s total funding efforts up to $15m. Last year, the company picked up £2m in a funding round led by LocalGlobe’s Robin Klein.

Balderton Capital has been a very active investor in the FinTech space, having completed a handful of deals this year. Most recently, the firm led the $13m funding round of Tessian, a platform which uses machine learning technology to protect emails.

Last year, Balderton held the $375m final close for its sixth venture fund which is targeting technology startups across Europe.

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