Cleo, a London, UK-based digital AI assistant for managing personal finances, raised £2m in seed funding.
The round was led by LocalGlobe, with participation from existing investors Skype founder Niklas Zennstrom, advertising agency Albion founder Jason Goodman and others. Goodman will also become a non-executive director.
The funding round will be used for product development, team growth across its marketing and engineering teams and international expansion.
Led by Barney Hussey-Yeo, founder and CEO, Cleo is an an artificial intelligent powered assistant that allows people to manage their finances by interacting with bank accounts. The app allows people to securely connect all of their bank and credit card accounts and share financial insights via Facebook Messenger using natural language to:
– View their spending according to transactions, categories and merchants
– Automatically save money
– Send money to friends via Facebook Messenger without sort codes or logging into a bank
– Find better deals on bills, subscriptions and financial products
– Compare spending habits with those of peers
Cleo provides insights across all UK bank and credit card accounts through Facebook Messenger. The app is now managing more than £400m of assets, spread across tens of thousands of customers. Since launching in January 2017, it has answered more than a million queries from users. Typical questions range from “what is my balance?” to “what was my biggest spend this month?”.