London-based Clove raises fresh funding to help more people get financial guidance

London-based Clove, a wealth management platform, has raised funding to expand its financial services.

Clove, a London-based wealth management startup, has raised fresh funding from Accel to make financial advice more accessible and affordable for a new generation of customers.

Matt Robinson, Partner at Accel, mentions the financial advice industry mainly serves individuals who already hold significant wealth, leaving many without access to guidance. To address this, the Financial Conduct Authority (FCA) has introduced regulatory changes that encourage low-cost, segmented advice.

Robinson says that despite available services, many customers remain dissatisfied with existing providers that charge high fees and deliver limited offerings. He adds that customer expectations have shifted toward digital platforms, while traditional firms have been slow to adapt.

“These factors create the ideal conditions for a new kind of financial institution – one built for trust and scale – to come into the market. Enter Clove.”

Developing a financial institution for the next generation

Clove aims to address the gap in the financial advice market, where current services mainly target individuals who are already wealthy. It plans to build a service that combines human expertise with technology to deliver financial guidance at scale.

The startup was founded by Christian Owens and Alex Loizou. Owens previously founded Paddle, a global payments infrastructure company that raised over $300M and achieved unicorn status. Loizou co-founded Trouva, an e-commerce marketplace later acquired by Made.com.

The founders aim to make financial expertise available to a wider audience and help people make informed decisions around key life milestones such as buying a home, starting a family, or retiring.

“We believe there is no better team to take on the challenge of making financial advice more accessible, more affordable and more effective than ever before. We’re looking forward to backing their vision as they seek to create a new kind of financial institution,” says Matt Robinson, Partner at Accel.

“Right from our first meeting, it was clear that Christian and Alex are incredibly passionate about the problem and the impact that solving it could have for customers. Their starting premise was that this remains a deeply human problem, and we were excited by the unique insights they had developed around how to offer approachable, human financial advice that is supercharged by AI,” adds Robinson.