Cleo, the London-based FinTech startup, got a recent boost in its angel investing round from Skype Founder Niklas Zennström.
Cleo has created an artificial intelligence-powered chatbot program that works with users to manage their finances. To date, Cleo has received $700,000 in funding from eight angel investors, including the recent contribution from Zennström.
Users seeking financial advice can currently access Cleo via multiple channels, including the chatbot’s mobile app, Facebook Messenger, as well as through AI-assistant integrations with Amazon’s Alexa and Google Home.
Barney Hussey-Yeo, Cleo’s cofounder and CEO, was quoted by TechCrunch as saying: “We’re trying to reduce the complexity and increase the transparency of financial services for our generation. Cleo’s an AI financial assistant that makes managing your money incredibly simple. Using artificial intelligence and machine learning, you can ask Cleo nearly anything about your finances.”
Users can ask Cleo to keep track of bank data, including current balance and spending, to help them budget. Additionally, users can set payment reminders and alerts with Cleo.
“There’s a clear arms race going on to become the financial interface for this generation,” Hussey-Yeo told TechCrunch. “Taking the ownership and control away from banks will be amazing for the consumer but will also create oversized returns. This is Europe’s chance to build a Google- or Facebook-sized company.”
Hussey-Yeo reportedly said that, though the FinTech startup has yet to monetize, upcoming plans for Cleo include developing and offering financial products.
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