UK financial app Cleo has raised an additional $80m following backing by Brussels tech investor Sofina.
The funding round took place over months but was finalised following pressure on valuations of growth companies, Sky News first reported.
Sources close to the deal told the outlet’s City editor Mark Kleinman that the backing raised Cleo’s valuation by a five-fold to around $500m.
The $80m funding was the latest of several rounds, as the previous one took place a year and a half ago when Cleo raised $40m from investors.
Existing backers include VC Balderton Capital and LocalGlobe, as well as the founders of Skype and Wise.
The new capital injection will help the company – a digital assistant that gives financial advice to Gen Z customers – expand services as well as recruit more staff.
Despite its UK birth, the company made the US its primary market.
While Cleo declined to comment, Sofina told Sky News: “We are excited to form this partnership with Cleo, a company and App that is truly loved by its users, many of whom Cleo already had a positive impact on.”
“We are looking forward to the journey ahead, bringing fintech enabled personal financial empowerment to many more people worldwide.”