London-based FinTech startup Clove, which aims to democratise access to financial advice, has raised $14m (£10m) in a pre-seed funding round led by Accel.
The round also saw participation from Kindred, Air Street, and a group of angel investors.
Founded earlier this year by Alex and his co-founder, Clove seeks to address a long-standing issue in personal finance: traditional financial advice is often inaccessible to the majority of people. Despite rapid progress in consumer technology, financial guidance has remained largely unchanged, serving primarily those who are already wealthy.
The company is developing a hybrid model that combines human expertise with AI to deliver personalised, high-quality financial advice at scale. Clove believes that most of what advisers currently do is administrative work rather than providing meaningful advice. By leveraging AI to automate these repetitive tasks, the firm aims to give advisers more time to focus on what truly matters—helping people make better financial decisions.
The newly raised capital will be used to accelerate product development and grow Clove’s team. The company, currently a six-person team, plans to carefully expand over the next year by hiring advisers, engineers, designers, and operators who share its vision for reimagining financial advice.
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