A financial wellness app founded in London, targeting Generation Z, has raised $44 million in a Series B funding round, according to a TechCrunch report.
Called “Cleo,” the “financial assistant” was founded in 2016 and today combines a chatbot and account aggregation with tips on spending responsibly. The firm’s founder, Barney Hussey-Yeo, told the publication it wants to be “the financial advisor for a billion people” around the globe.
Cleo uses machine learning and account aggregation to provide spending and saving advice, seeking to provide automated financial coaching. Right now, the app is aiming to replace banking apps that provide similar features, according to the report.
Of the app’s 4 million registered users, 96% are in the United States. That's up from just two years ago, when the firm reported some 600,000 users worldwide.
The app has free and paid versions, and Cleo offers some financial services, such as a $100 salary advance. The premium product costs $5.99 per month, while user acquisition costs are less than $2, according to the report.
The latest funding will support an expansion of executive and product teams in the U.S. division’s San Francisco office. EQT Ventures led the round, alongside existing investors Balderton Capital, LocalGlobe and SBI.
