Cleo raises $80M to help Gen-Z weather the cost-of-living crisis

JUN 29, 2022

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.

Barnaby Hussey-Yeo, Founder and CEO of Cleo

Barnaby Hussey-Yeo, Founder and CEO of Cleo

We’re here to provide personalised financial support and guidance to these young people, giving them a helping hand as they seek to better manage their finances, build their credit profile and weather the storm caused by the cost-of-living crisis. Our latest raise enables us to double-down on our US presence and focus on delivering deeper engagement so that we can better support our customers through the difficult days ahead

Barnaby Hussey-Yeo, Founder and CEO of Cleo

Barnaby and Isabel Bescos, CEO of Riff at the Balderton CEO Collective Retreat in 2022.

Cleo will use the new funding to expand its headcount from 140 to over 220 and continue iterating and improving on its product suite.READ MORE ARTICLES