Clio
“Can a vertical practice-management platform become the full financial operating system — payments, lending, and AI — that every law firm runs on?”
Founded2008
HQVancouver, British Columbia, Canada
FoundersJack Newton, Rian Gauvreau
Total raised$2.2B
Latest roundSeries F, 2024
Valuation$3B (2024)
IndustryVertical SaaS / Legal
The story
Founded in 2008 as cloud practice-management software for law firms, Clio spent its first decade building the horizontal system of record — case, document, billing, and trust management. From ~2020 onward it layered embedded finance on top: Clio Payments (Stripe-powered card/ACH acceptance), then in 2025 Pay Later with Affirm and Clio Capital (Stripe Capital-powered working-capital advances). The 2024 Series F explicitly named AI and fintech as the growth axes, positioning Clio as the financial and AI operating system for law firms, not just their software of record.
Product timeline
2008
Founded by Jack Newton and Rian Gauvreau in Vancouver as a cloud-based legal practice management platform.· founding
2021
Raised $110M Series E at $1.6B valuation from TCV.· funding
2022
Crossed $100M ARR; embedded payments (Clio Payments) driving growth.· milestone
2024
Raised $900M Series F at $3B valuation to double down on AI and fintech; crossed $200M ARR.· funding
2025
Launched Pay Later with Affirm and Clio Capital (embedded working-capital financing powered by Stripe Capital).· lending
2026
AI features rolled out platform-wide by default with third-party AI subprocessors (Azure, OpenAI, Anthropic).· product
Same company
Clio was analysed under more than one name on the same domain, so its stack is split across these dossiers. Each was analysed independently and may name providers the others do not.
The stack
5 layers disclosed in Clio’s embedded-finance stack
Payments / PSP
Money movement
in the full report
Lending
in the full report
KYC
in the full report
Accounting
in the full report
Accounting gap: minor
10 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.