Cleo raises £33m in Series B funding led by EQT Ventures to accelerate US expansion.
The Series B round was led by EQT Ventures with backing from several existing investors and angels.
Cleo operates a digital assistant designed to help younger generations manage their personal finances and build better money habits. The London based firm has achieved significant traction through a US focused expansion strategy.
Cleo has secured £33m in a Series B funding round led by EQT Ventures, with participation from Balderton Capital, LocalGlobe and SBI. A group of angel investors also joined the round. The company will use the capital to support its expansion in the United States and further develop its financial products.
The raise follows a period of strong growth for the London and San Francisco based firm, which reported a fourfold increase in revenue over the past year. Cleo currently serves four million users, the vast majority of whom are based in the US market.
From the founder
"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,"
Barney Hussey-Yeo
CEO at Cleo
Investor perspective
"Barney and Cleo are truly disrupting consumer finance,"
Tom Mendoza
Partner, EQT Ventures
Use of funds
- 01Expand into international markets
