Cleo pockets $700,000 for personal savings chatbot

Artificial intelligence-powered finance chatbot Cleo has picked up $700,000 from angel investors.

The London-based company saw participation from a large group of well-known European tech figures including Skype founder Niklas Zennström, Zoople co-founder Alex Chesterman, Wonga co-founder Errol Damelin among others.

The startup is an alumnus of the UK’s Entrepreneur First and the accelerator’s partners Wendy White and Joe White also participated in the round.

The investment reportedly closed last year but has not been disclosed until now.

Cleo develops an AI-powered financial assistant through which consumers can check their bank account, credit card data as well as track spending, budget and set spending targets.

The company allows users to communicate with Cleo through text message and Facebook Messenger as well as voice-controlled assistant Amazon Alexa and Google Home.

Founded early last year and launching in public beta in August the startup claims to now aid users in managing £120m in total.

Cleo is yet to monetize the service but says it plans to add its own financial services offering in the future.

The company  will use the capital to expand into international markets as it looks to compete in the increasingly crowded financial advise chatbot sector.

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