The funding round took place over months but was finalised following pressure on valuations of growth companies. The backing raised Cleo’s valuation by a five-fold to around USD 500 million. Existing backers include VC Balderton Capital and LocalGlobe, as well as the founders of Skype and Wise.
The new capital injection will help the company – a digital assistant that gives financial advice to Gen Z customers – expand services as well as recruit more staff. Despite its UK birth, the company made the US its primary market.
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