UK-based finance management tool developer Cleo secured $44m in series B funding from investors including financial services provider SBI earlier this year, TechCrunch reported yesterday.
The round was led by EQT Ventures, the venture capital arm of investment firm EQT Partners, and was also backed by VC firms Balderton Capital and LocalGlobe.
Cleo has created a chatbot that functions as a digital financial assistant, helping users save money and manage budgets. It will put the funding toward product development and US growth.
Angel investors Niklas Zennström, Alex Chesterman, Errol Damelin, Jason Goodman, Siraj Khaliq, Simon Franks, Wendy and Joe White provided $700,000 in seed funding for the company in 2016.
LocalGlobe led a $2.6m round for Cleo the following year featuring individuals including Zennström. Balderton Capital subsequently led a $10m series A round in September 2018 backed by existing investors such as Zennström, at a valuation sources told TechCrunch was $40m post-money.