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- Cleo
Cleo Revenue, Valuation, Funding & Investors
Cleo is valued at $1B as of March 2025, a 7.4x multiple on its last reported $136M revenue.
Last Cleo valuation
$1B
Undisclosed stage · Mar 2025
Last Cleo funding round
$38M
Undisclosed stage · Mar 2025
Cleo revenue
$136M
Undisclosed stage · Mar 2025
Key investors in Cleo
LocalGlobe
Balderton Capital
Redbus Ventures
Niklas Zennström
EQT Ventures
Jason Goodman
About Cleo
Cleo is a London-headquartered AI financial assistant simplifying personal money management. It analyzes spending patterns, budgets, and accounts to offer conversational insights and automation. Cleo integrates with banks like Chase and Barclays across the UK, US, and Europe. Founded in 2016, the app processes transactions for millions of users worldwide.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Revenue
$136M (Mar 2025)
Valuation
$1B (Mar 2025)
Cleo Valuation
Cleo is currently valued at $1B, based on its undisclosed-stage round in March 2025.
Cleo's valuation has grown 25x from $40M at its Series A in September 2018 to $1B in March 2025, across 3 priced rounds.
Cleo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2025 | Undisclosed stage | $1B | 7.4x |
| Jun 2022 | Series C | $500M | 2.5x |
| Sep 2018 | Series A | $40M | - |
Cleo Revenue
Cleo's latest recorded revenue is $136M, as of its undisclosed-stage round in March 2025. At a $1B valuation, that implies a 7.4x revenue multiple.
Revenue moved from $200M in June 2022 to $136M in March 2025, while the revenue multiple moved from 2.5x to 7.4x.
Cleo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2025 | $136M | $1B | 7.4x | Undisclosed stage |
| Jun 2022 | $200M | $500M | 2.5x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cleo Funding History
Cleo has raised a total of $176M across 6 funding rounds.
Cleo's first fundraising round was a $700K angel round in January 2017. The most recent completed round was a $38M undisclosed-stage round in March 2025.
Cleo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2025 | Undisclosed stage | - | $38M | $1B | Cleo, the UK-incorporated AI fintech serving US customers, completed a previously undisclosed $38.8 million fundraise in March 2025 through convertible loan notes, supported by existing backers including Balderton Capital, LocalGlobe, and EQT Ventures. This round brings the company's total funding to over $170 million. The fintech was last valued at $500 million during its Series C funding round in June 2022, led by Sofina Capital. In financial results covering the year-end of 2024, Cleo revealed ARR of $185 million, which grew to an estimated $280 million by July 2025. The company generated $65.9 million in revenue in 2023. Strategic rationale includes doubling down on US presence and delivering deeper customer engagement to support users through financial difficulties. Cleo plans to expand headcount from 140 to over 220 employees and continue iterating on its product suite, which includes a budgeting AI-powered chatbot and three-tier subscription plan. The company previously raised over $130 million from investors including Balderton, LocalGlobe, and EQT Ventures before the March 2025 round. In March 2025, Cleo paid $17 million to settle FTC allegations regarding deception about cash advance product speed and amounts. |
| Jun 2022 | Series C | Sofina (lead); Balderton Capital; EQT Ventures | $80M | $500M | Cleo is an AI-powered financial assistant and chatbot designed for Generation Z users, founded in 2016 and based in London. The platform helps young people manage their finances by providing personalized financial support, allowing users to track spending across multiple accounts, automatically transfer funds via the app or Facebook Messenger, find deals on financial products, and compare spending habits with peers. The company also features interactive modes including "Roast Mode" and "Hype Mode" in its AI chat interface. In June 2022, Cleo raised $80 million in Series C funding led by Belgium-based investment firm Sofina, with participation from existing investors including Balderton Capital, EQT Ventures, LocalGlobe, BlueYard Capital, Brevan Howard Digital, CMT Digital, Coinbase Ventures, Ethereal Ventures, FinTech Collective, and Frontline Ventures. The funding round increased Cleo's valuation fivefold to $500 million post-money. The company planned to use the capital to expand its headcount from 140 to over 220 employees and deepen its US market presence, which had become its largest market by the time of the Series B funding in December 2020. At the time of the Series C round, Cleo reported annual recurring revenue of $30 million with 3x year-on-year growth in the United States. The company's subscription model had achieved strong adoption, with over half of users opting for the paid tier within a year. This represented significant traction in the competitive fintech space, particularly among Gen Z demographics facing increased financial pressure from the cost-of-living crisis. |
| Dec 2020 | Series B | EQT Ventures (lead); LocalGlobe; Balderton Capital; SBI | $44M | - | Cleo is an AI-powered financial assistant app targeted at Gen Z and Millennials, offering personalized insights, budgeting tools, spending breakdowns, and financial advice through a chatbot with personality features like 'Roast Mode'. Founded in London with a strong US focus (96% of 4 million users US-based as of December 2020), it aims to improve users' financial health by helping them spend less, save more, and break the paycheck-to-paycheck cycle. The company evolved from a 2016 digital assistant making money management fun and approachable. On December 10, 2020, Cleo raised $44 million in a Series B funding round led by EQT Ventures, with participation from existing investors Balderton Capital, LocalGlobe, and SBI, plus notable angels like Taavet Hinrikus and Niklas Zennstrom. This followed a $10 million Series A in 2018 and earlier seed rounds. The funds were earmarked for US expansion, developing credit improvement tools, personalized spending plans, stabilizing financial safety nets, and bolstering the leadership team amid economic challenges from COVID-19, which heightened demand for its services among young users facing job market and rent struggles. At the time, Cleo reported strong traction with 4 million users, increasingly strong unit economics, and over 400% revenue growth in the prior year, positioning it as a disruptor in consumer finance with proactive AI-driven advice. The 2020 round underscored Cleo's relevance in the crisis, with investors praising its personality-driven approach to money management. |
| Sep 2018 | Series A | Balderton Capital (lead); LocalGlobe; Redbus Ventures; Niklas Zennström; Taavet Hinrikus | $10M | $40M | Cleo is an AI-powered financial assistant app founded in 2016 by Barney Hussey-Yeo that provides budgeting advice and financial tools to Gen Z users. The company raised $10 million in Series A funding in 2018 from Balderton Capital, with participation from other investors including LocalGlobe and angel investors. The company claimed over 600,000 users by the time of its Series A, with 94% of users aged under 35, and expanded to North America in spring 2018, gaining 350,000 signups within four months. Since its founding, Cleo has grown substantially, reaching $100 million in annual recurring revenue by March 2024 and subsequently scaling to $150 million ARR and $250 million ARR by 2025, with $136 million in 2024 revenue. The company has raised a total of $175 million across multiple funding rounds and is now profitable, with CEO Hussey-Yeo indicating plans to pursue an IPO as the company targets $500 million ARR. |
| Jul 2017 | Seed | LocalGlobe (lead); Zennström Philanthropies; Jason Goodman; Redbus Ventures; Niklas Zennström; Entrepreneurs First | $3M | - | - |
| Jan 2017 | Angel | Joe White; Jason Goodman; Wendy Tan White; Siraj Khaliq; Redbus Ventures; Niklas Zennström; Alexander Chesterman; Errol Damelin | $700K | - | - |
Who has invested in Cleo?
16 investors have backed Cleo across its funding rounds, including LocalGlobe, Balderton Capital, Redbus Ventures, Niklas Zennström, EQT Ventures and Jason Goodman.
Lead investors include Sofina, EQT Ventures, Balderton Capital and LocalGlobe.
Cleo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jul 2017 | ||
| 3 | Lead | Sep 2018 | ||
| 3 | Participant | Jan 2017 | ||
| 3 | Participant | Jan 2017 | ||
| 2 | Participant | Jan 2017 | ||
| 2 | Lead | Dec 2020 | ||
| 1 | Participant | Jul 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jul 2017 | ||
| 1 | Participant | Jan 2017 | ||
This data is available for Pro users. Sign up to see all 16 Cleo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialCleo Competitors
Cleo competitors include listed companies like Agibank and iFLYHealth, and private ones like Aibee, Enveda Biosciences, Fasset and Lydia.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $1.3B | $227M | $997M | 0.6x | ||
| Publicly listed | $136M | ($7M) | $1B | 6.2x |
Cleo Public Comps
Cleo is still privately-owned, but its public comps include Agibank, iFLYHealth, Superbank Indonesia, Forbright Bank, ODDITY Tech, Wema Bank, Braiin, ZoomInfo, Beijing Haitian Ruisheng and Judo Bank.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $136M | ($7M) | 7.7x | 6.2x | (150.8x) | (144172.5x) | |||
| $89M | - | 10.8x | - | - | - | |||
| $325M | - | 2.9x | - | - | - | |||
| $810M | $131M | 1.5x | 1.8x | 9.6x | 18.3x | |||
| $312M | - | 2.8x | - | - | - | |||
| $73M | ($15M) | 15.8x | 13.0x | (76.1x) | 89.6x | |||
| $1.2B | $326M | 2.0x | 2.1x | 7.8x | 5.1x | |||
This data is available for Pro users. Sign up to see all Cleo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Cleo
| When was Cleo founded? | Cleo was founded in 2016. |
| Where is Cleo headquartered? | Cleo is headquartered in London, United Kingdom. |
| Is Cleo publicly listed? | No, Cleo is a private, VC-backed company. |
| What is Cleo's valuation? | Cleo was last valued at $1B in its undisclosed-stage round in March 2025. |
| How much funding has Cleo raised? | Cleo has raised $176M across 6 funding rounds. |
| What was Cleo's last funding round? | Cleo's last funding round was a $38M undisclosed-stage round in March 2025. |
| Who are Cleo's investors? | Cleo's investors include LocalGlobe, Balderton Capital, Redbus Ventures, Niklas Zennström, Jason Goodman, EQT Ventures, Zennström Philanthropies, Joe White, Wendy Tan White, Siraj Khaliq and 6 others. |
| What is Cleo's revenue? | Cleo's latest recorded revenue is $136M (March 2025). |
| What is Cleo's revenue multiple? | Cleo's latest valuation implies a 7.4x revenue multiple ($1B valuation on $136M of revenue). |
| Which companies are comparable to Cleo? | Companies comparable to Cleo include Aibee, Enveda Biosciences, Fasset, Lydia, Agibank and iFLYHealth. |
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