Cleo to raise $44 million in a round led by EQT Ventures

Cleo, a London, UK-based company bulding a financial service business based on a mobile app acting as a financial assistant to people in their 20s, announced that it secured a $44 million capital investment round.

The money was raised from the Swedish venture company EQT Ventures, and included contributions from existing backers Local Globe, Balderton Capital and SBI as well as angel investors such as Entrepreneur First, Taavet Hinrikus, Matt Robinson, Errol Damelin, Niklas Zennström, Alex Chesterman and Ian Hogarth.

Cleo, founded in 2016 by Barnaby Hussey-Yeo, developed a mobile app that connects to a bank account and provides access to machine learning-based analytics and insights about the financial soundess.

Cleo has raised about $13 million prior to this round, and is considered to be one of the most promising new gen startups from Europe.