Clove Raises $14 Million for AI Financial Advice Platform

Clove has raised $14 million in a pre-seed funding round. The fintech startup is developing an AI financial advice platform. Accel led the investment. Kindred and Air Street also participated in the round. Clove aims to make financial advice more accessible. The company states that only 9% of UK adults currently receive professional financial advice. It also notes that many advisers are no longer serving less wealthy clients. The platform will combine human advisers with artificial intelligence. The AI will manage administrative tasks. This frees up advisers to focus on providing guidance to clients. Clove's goal is to deliver personalized advice at a larger scale. The new funding will support product development. It will also be used to grow the company's team of advisers, engineers, and designers. Clove is not yet authorized by the Financial Conduct Authority.