Cleo secures £67.1m Series C funding led by Sofina to scale US operations
The Series C financing was led by Sofina with participation from EQT Ventures and Balderton Capital.
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 £67.1m in a Series C funding round led by Sofina, with additional backing from existing investors including EQT Ventures and Balderton Capital. The capital will be directed towards expanding the firm's workforce and advancing its product offerings in the United States.
The London based fintech has experienced rapid growth by targeting US consumers with subscription tier personal finance services. Despite macroeconomic headwinds in later stage markets, the company has closed the raise to support younger demographics facing cost of living pressures.
From the founder
"The vast majority of Gen Zers in the US are living from paycheque to paycheque. It’s harder than ever for them to get ahead – particularly as the price of everything continues to increase – and yet this audience continues to be neglected, or worse, exploited, by the traditional financial services industry."
Barnaby Hussey-Yeo
Founder and CEO at Cleo
Investor perspective
"Investing in Cleo illustrates our strategy of building a diversified portfolio of businesses leveraging technology to improve people’s lives. Cleo’s mission of bringing fintech-enabled personal financial empowerment to many people worldwide resonates with our own. We were impressed by the drive and the talent of the team and look forward to our partnership."
Harold Boël
CEO, Sofina
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
