Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

AI-Powered Spending Helper Cleo Raises £560k from Angels

Artificial Intelligence-powered financial advisor Cleo has raised about £560,000 from a group of Angel investors, including Skype’s Niklas Zennström and Zoopla’s Alex Chesterman.

Other backers include Errol Damelin, Jason Goodman, Siraj Khaliq, Simon Franks and Wendy and Joe White.

The company created an AI assistant that works in concert with Facebook Messenger, Amazon Alexa and Google Home to constantly update users on their financial situation.

The app allows users to check their balance, direct debits and latest transactions,  besides providing them with a clear breakdown of how they spend their money— helping them better manage their finances.

Cleo was founded by EF alumni Barney Hussey-Yeo and Aleksandra Wozniak, and   launched in beta in August 2016. They plan to expand internationally in 2017.

Company CEO and co-founder Barney Hussey-Yeo commented the round in a statement: “The days of logging into multiple bank accounts and dealing with poorly designed, passive interfaces is over,” he said.

“Taking the ownership and control away from banks will be amazing for the consumer but will also create oversized returns. This is Europe’s chance to build a Google or Facebook sized company,” Hussey-Yeo concluded.

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