Personal finance app Cleo collects $80m for chatbot app

Financial management app Cleo has reportedly raised $80m in funding from Sofina, a Belgium-based investment firm.

The funding round has increased Cleo’s valuation fivefold to around $500m, according to a report from City A.M.

Funds from the round will help Cleo expand its services and hire more staff.

Cleo is a personal finance app and chatbot that helps users’ budget better, build credit and escape overdrafts. It has various tools to make savings much easier for people. For example, it enables automated savings, rounding spends to the nearest dollar and saving the change, setting goals, and putting fines in to help avoid unwanted spending.

It also offers a “Roast Mode” and “Hype Mode” in the AI chat.

Speaking to Sky News, Sofina said, “We are excited to form this partnership with Cleo, a company and App that is truly loved by its users, many of whom Cleo already had a positive impact on. We are looking forward to the journey ahead, bringing fintech enabled personal financial empowerment to many more people worldwide.”

Cleo previously raised $44m in its Series B funding round in December 2020. The capital was supplied by EQT Ventures, Balderton Capital, LocalGlobe and SBI.

DRUID, another chatbot service, recently collected $15m in a funding round to support its international growth.

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