British AI-driven personal finance chatbot Cleo has reached a valuation of $500 million following an $80 million funding round, according to Sky News.
This funding round, completed approximately 18 months after a previous $44 million investment, saw participation from tech investor Sofina.
Founded in 2016 and headquartered in London, Cleo connects to users’ bank accounts to leverage AI in analyzing spending patterns and transaction histories, aiding in effective money management.
The company boasts several million users, primarily in the United States, and has garnered significant interest among Gen Z, particularly due to its engaging conversational style, highlighted by features like “roast mode.”
The latest investment will support Cleo’s service expansion and facilitate an increase in its workforce from around 140 to 220 employees, as reported by Sky.