Cleo, the London-based fintech startup that offers an AI-powered chatbot to help you manage your finances, has closed £2 million in further funding, adding to an impressive list of backers that already includes Skype founder Niklas Zennström. It offers a conversational interface and, in lots of ways, is a replacement for your existing bank’s apps, enabling you to ask for insights into all of all your spending across multiple accounts and credit cards, broken down by transaction, category or merchant, once you give Cleo permission to access that data.
The new round is led by LocalGlobe, the seed VC firm founded by father and son duo Robin and Saul Klein, with participation from a number of existing investors. They include Zennström himself, Entrepreneur First (EF), and Jason Goodman, the founder of advertising agency Albion, who also becomes a non-executive director of Cleo. Founded by Barney Hussey-Yeo and Aleksandra Wozniak, after they teamed up at company builder EF, Cleo is described as a digital financial assistant, powered by AI, that takes the form of a chatbot available via Facebook Messenger.