The funding will help Cleo AI scale operations in the US, improve its product suite, and increase its headcount. Here are the top-line bullets you need to know.
Cleo AI, an AI-powered financial assistant app, has raised $80M in a Series C. The round drew participation from Balderton Capital, Phoenix Court Group, and Sofina.
download the STATE OF FINTECH Q2 2022 report
HOW’S THE COMPANY PERFORMING?
- UK-based Cleo provides message-based personalized advice to users, answering questions on whether they can afford something or which habits are negatively impacting their budget. Cleo AI’s chatbot can integrate with Facebook Messenger, Amazon’s Alexa, and Google Home, providing an interactive user experience through both text and voice.
- Cleo’s annual recurring revenue (ARR) is reportedly $30M, growing 3x year-over-year.
- The app claims its average engagement levels are over 250% higher than with those of competitors, and over half of its users have converted to paying subscriptions within a year of downloading the app.
- The startup is currently supported by a team of 140 employees and has offices in London and New York.
Source: Cleo AI
WHY DOES THE MARKET MATTER?
- The global chatbot market is expected to reach a value of $4B by 2030, growing at a CAGR of 25.7%, according to Grand View Research.
- Significantly lower operating costs and new innovations in AI and machine learning that are expected to improve the functionalities of chatbots are some of the factors contributing to the market’s growth.