Cleo, a London, UK-based fintech startup that allows people to track spending, raised $10M in Series A funding.
The round, which brought total funding raised to date to $15m, was led by Balderton Capital, with participation from Niklas Zennström, founder of Skype, Taavet Hinrikus, founder of TransferWise, and seed fund LocalGlobe.
The company is using the funds to hire new people, continue to develop its platform and expand its business reach globally.
Founded in 2016 and led by CEO Barney Hussey-Yeo, Cleo allows people to connect to their bank accounts and credit cards, and manage their money in real time saving automatically.
Cleo securely analyzes transaction data in read-only mode, which means it can only view encrypted transactions. It then uses a smart AI brain to scan transaction history, calculating and spotting interesting spending trends, habits and lets users keep track of budgets.
The app also allows people to view their balance, check direct debits, latest transactions, and see spending per category.
Cleo now has over half a million users across the UK, US & Canada.