Cleo raises $80 million

UK-based financial app Cleo has raised $80 million in funding led by Sofina, with participation from EQT and Balderton Capital. Cleo has raised ~$137 million to date.

Founded in 2016, Cleo has been operating in the U.S. since 2018 and it will use the funding to double-down on this market and help Gen Z improve their financial health and wellbeing.

The Cleo app has a variety of features including budgeting, saving, borrowing, building credit, and more.

“The vast majority of Gen Zers in the US are living from paycheck to paycheck. 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. We’re here to provide personalized 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.