The newly launched fintech company secured the investment from industry insiders to bring its proprietary wealth management platform to market.
"We are entering an era where wealth managers will no longer be able to rely on market appreciation to drive revenue growth. We know from first-hand experience the significant and accelerating financial and regulatory challenges faced by the wealth management industry. Firms now need to focus not only on managing their cost base but growing their revenues via enhanced client engagement."
RLC Ventures led the pre-seed round with backing from Ascension Ventures and Force Over Mass Capital to fund product development and market expansion.
"We are delighted to have such award-winning investors supporting us and sharing in our vision. We look forward to showing treasurers how revolutionary modern technology can reduce technical complexity and improve the analytical capabilities of their teams."
The Series B round was led by EQT Ventures with backing from several existing investors and angels.
"We’re building Cleo to become the financial advisor that a billion people need. One that talks to you like a real person, able to build trust and relationships like a bank never could,"
The financing round includes participation from Gaia Capital Partners, Citi Ventures, and Muse Capital to support growth in the US and UK.
"For too long, kids have been locked out of the digital economy and parents lacked the tools to help their children gain confidence with money and finances. gohenry was the first to respond to these needs in 2012 when we launched a groundbreaking financial education app and prepaid debit card that truly empowered children. In 2020, we’ve achieved three key milestones: becoming profitable which many B2C fintechs seek, raising $40m during Covid, and partnering with world leading funds. All three will help us fuel our US expansion."
The late seed round included participation from TMT Investments, Force Over Mass, and angel investor Chris Adelsbach.
"As a second time entrepreneur myself, I experienced first-hand the complex, timely and often imbalanced nature of the old-school financing routes. I knew there was another way and so decided to build it. Our ambition is for Outfund to be the place to go to grow your business without compromising your equity or wasting time fundraising. This is why we have spent time developing a way to make the process of securing money for growth easier, fairer and most importantly, faster. Our approach has been warmly received by founders and directors alike and so now we’re looking at how we can open this up to more businesses and continue to be part of their journey to success for a long time."
