Money Management Tool Cleo Picks Up $79M in Series C

London-based money management solution Cleo has raised 76 million euros ($79 million) in a Series C funding round led by Belgium-based investment company Sofina. Existing investors EQT Ventures, Balderton Capital and others also participated.

Founded in 2016, the U.K. startup has developed an AI-powered financial management tool called the Cleo Intelligent Assistant.

Since it launched, the company has amassed over half a million users in the U.K., U.S. and Canada. The product collates users’ financial data, analyses it for patterns, and then provides financial advice via a chatbot-style interface.

In a press release that delivered news of the new funding, Barnaby Hussey-Yeo, founder and CEO of Cleo, said: “We’re here to provide personali[z]ed financial support and guidance to these young people, giving them a helping hand as they seek to better manage their finances, build their credit profile and weather the storm caused by the cost-of-living crisis.”

The new funds will be used to accelerate the growth of the app. The company plans to expand further into the U.S. and grow its team from 140 members to over 220.

Hussey-Yeo added: “Later-stage fundraising has become a lot more challenging since the start of the downturn, and we’re gratified by the enthusiasm shown to us by both new and existing investors [who recognize]  the vital work we’re doing in giving young people a stronger financial foothold.

“The goal is to build an enduring, trusted relationship with this audience — by speaking their language and giving them financial services support tailored to their unique needs and circumstances. It’s a huge market opportunity and one that, thanks to this raise, we’re well-placed to capitalize upon,” he said.

Read more: 5 EU FinTechs Using AI to Support Consumers, Businesses

Cleo is among a pool of European FinTechs using AI to help businesses and consumers with tasks as diverse as money management, accounting and detecting fraud.