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Cleo raises $80m for money management bot

Cleo raises $80m for money management bot

British AI-based personal finance chatbot Cleo has hit a $500 million valuation thanks to a an $80 million funding round, according to Sky News.

The round, which comes about 18 months after a $44 million raise, was joined by tech investor Sofina, says Sky.

Launched in 2016, London-based Cleo integrates with users' bank accounts and then uses AI to analyse spending habits and transaction histories to help with money management.

The company now claims several million users, the vast majority in the US, and has attracted a strong following among Gen Z with its conversational style, epitomised by a "roast mode".

The new funding will be used to expand Cleo's service and increase its workforce from about 140 to 220, says Sky.

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