Sky News reports that the British AI-based personal finance chatbot Cleo has been valued at $500 million thanks to a $80 million fundraising round. 

Sofina, a tech investor, participated in the financing, which occurred around 18 months after a $44 million funding round, according to Sky. 

Cleo, a 2016 London-based startup, interacts with users' bank accounts and analyses their spending patterns and transaction histories using artificial intelligence to assist with money management. 

With its conversational approach exemplified by "roast mode," the brand has acquired a large following among Generation Z. The vast majority of its users are located in the United States. 

According to Sky, the increased investment would be utilised to raise Cleo's employment from approximately 140 to 220.