SBI was among the participants in the financial management tool developer's seriies B round, which will fund product development and US expansion.

UK-based finance management tool developer Cleo secured $44m in series B funding from investors including financial services provider SBI earlier this year, TechCrunch reported yesterday.

The round was led by EQT Ventures, the venture capital arm of investment firm EQT Partners, and was also backed by VC firms Balderton Capital and LocalGlobe.

Cleo has created a chatbot that functions as a digital financial assistant, helping users save money and manage budgets. It will put the funding toward product development and…