Clove, a UK wealth management startup co-founded by the former boss of fintech unicorn Paddle, has emerged from stealth with $14 million in pre-seed funding.
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The round was led by Accel, with participation from Kindred Capital, Air Street Capital, and angels, including Cleo’s Barney Hussey-Yeo, Erez Mathan from GoCardless), and Gideon Valkin, ex-Monzo and ClearScore.
The Financial Conduct Authority has estimated that people who receive financial advice may be up to 10% better off in subsequent years than those who do not.
Clove – cofounded by Paddle founder Christian Owens and Alex Loizou – is aiming to provide this advice through a mixture of humans and AI.
The funding will be used to increase headcount ahead of a full launch in 2026, subject to FCA authorisation.
Says Loizou: “With Clove, we are seeking to break the traditional economics of financial advice by combining the expertise of human advisers with the efficiency of AI.
“Our goal is to make financial planning more accessible, affordable, and effective than ever before, for everyone from young professionals and aspiring entrepreneurs, to growing families and those starting to think about retirement.”
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