The Series C round was led by Sofina, which joins existing investors, including Balderton, EQT Ventures and LocalGlobe.
Founded in 2016, Cleo is a digital assistant that supports people throughout their financial lives, from their first paycheque to their first home. Balderton first invested in Cleo in 2018, leading the company's Series A.
Cleo seeks to positively impact the lives of millions of young people with limited financial literacy who face increased pressure on their finances as the cost-of-living crisis escalates.
By reaching these people at the start of their journey with clear and simple guidance – delivered in a fresh, engaging tone of voice that pulls no punches – Cleo can completely change the trajectory of their financial life. 84% of people feel better about their money after just one month of using Cleo’s app, while average engagement levels with Cleo are more than 250% higher than competitors.
The company has helped millions of users on their financial journey with over half converting to one of Cleo’s paying subscription tiers within the first 12 months of downloading the app – unprecedented for a personal finance app aimed at young people.
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.
