London-based fintech startup Clove has quietly emerged from stealth with $14 million in pre-seed funding to tackle a growing but often overlooked problem: the financial advice gap.
The round was led by Accel and includes participation from Kindred Capital, Air Street Capital, and angel investors such as Barney Hussey-Yeo (Cleo) and Patrick Pichette (ex-Google CFO).
Founded by Christian Owens (founder of payments unicorn Paddle) and Alex Loizou (co-founder of Trouva, acquired by Made.com), Clove aims to bridge the “financial advice gap,” a growing issue that leaves millions of people without professional guidance on saving and investing.
Owens told TFN, “The financial services industry has failed to close the growing financial advice gap. It is our belief that Clove can address this through the combination of technology and regulated advisers. Both myself and Alex have experienced this gap at various points in our lives, and founded Clove to build the product we wish we’d always had access to.”
Aiming to make financial advice accessible
Industry data from the UK’s Financial Conduct Authority (FCA) highlights that those who get financial advice tend to increase their wealth by up to 10% in the years that follow. Yet, as Owens notes, “a huge section of society has been failed by the financial advice industry, because it is only able to serve those that are already wealthy.” Half of existing advisors focus solely on wealthy clients, creating an advice gap that Clove aims to close.
Owens added, “Our intention is to combine regulated human advisers with AI to enable them to be more efficient and serve a wider array of clients (and a broader range of clients by size). We are building this infrastructure from the ground up, as a truly vertically integrated financial services firm.”
The startup’s angle is to combine the nuanced expertise of human financial advisors with the efficiency and accessibility benefits of artificial intelligence. This hybrid model is designed to lower costs and broaden access, reaching professionals, entrepreneurs, families, and future retirees alike.
While Clove has yet to name direct competitors, its founders openly challenge the traditional model that limits advice to the wealthy, positioning Clove as a challenger aiming to democratise wealth management.
Owens clarified to TFN, “Clove is tackling a segment of the market that has been historically underserved. On the surface, it may appear that Clove competes with traditional financial advice and wealth management companies. However, our intention is to grow the overall size of the market by introducing these services to a new, historically untapped and unserved segment.”
What’s next?
With $14 million in funding secured, Clove is now focused on growing its team and developing its platform ahead of a planned full launch in 2026, once FCA approval is obtained. The company has started recruiting ambitious and innovative financial advisors to bring its vision to life.
Matt Robinson, Partner at Accel, said, “The right advice could help people to buy a home sooner, invest with confidence, and retire on their own terms. Christian and Alex combine a proven track record of building and scaling businesses with a deep passion for solving this problem. We’re thrilled to back their vision as they seek to create a new kind of financial institution and strive to empower people to take control of their financial future.”
