The recent capital butchering of tech start ups has left many a startup in tatters. While there are certainly plenty of good companies out there, the competition has been fierce. However, some companies have made it through – albeit grudgingly – to the finish line. Weezy, for instance, combines the best aspects of a bike courier and a fulfilment centre. And they plan to grow a lot more. By next year, they expect to be well on their way to building a viable UK presence.
They have also announced a new round of funding, which is likely to help accelerate the company’s growth. To date, they have raised a total of a little over £4m. A sprinkling of the big boys are also involved, including Octopus Ventures, Goodwater Capital, and Delio. Weezy is also a founding member of the London tech startup network, the Techstars. This is a nice addition to the burgeoning London tech scene. Its founders – including Nick Barraclough, Nick Clements, and Mike Levy – are all familiar faces from their previous roles at Google, Facebook, and Twitter.
Cleo is an innovative finance app that offers users an all-in-one solution to manage their finances. It is an artificially intelligent, chatbot-style financial assistant that helps you set spending goals, track your spending, and answer your questions about your money. The app is geared towards young consumers and has been downloaded by over 600,000 users.
The app connects with your bank accounts and credit cards. You can use it to set up targets, set alerts, and even ask Cleo to make your money work harder for you. It can also help you save and give you personalised insights into your spending across multiple categories and accounts. Depending on your needs, you can pay a premium version of the service for gamified savings and levelled up credit scores. However, the free version of the app is still very useful and works well for most users.
Cleo is one of the fintech startups that have launched in the UK recently. It is led by Barney Hussey-Yeo, a former Wonga employee, who believes that banks can offer a passive approach to banking. He is hoping to shake up the industry by giving consumers a way to take charge of their finances. Although the company’s founders say they want to expand internationally, the UK is their initial market.
Cleo is backed by a number of heavyweights, including Skype founder Niklas Zennstrom, MMC Ventures, Albion, Climate Corporation, and TransferWise. The company’s most recent funding round raised $40 million, with a valuation of $500 million. With this new capital injection, Cleo has a chance of convincing investors that it’s worth a second look.
One of the biggest draws to the Cleo app is its user-friendly interface. Users can talk to the app in Facebook Messenger and get advice on how to set their budget, save, and get help with their finances. And the company says it will always offer a free version. A premium product, however, will cost $5.99 per month, and will feature gamified savings, credit scores, and a $100 salary advance.