Cleo is an AI-powered chatbot that helps users manage their finances, either via the Cleo app or Facebook Messenger, and through integration.
Cleo offers users proactive financial advice with a distinctive tone of voice that aims to avoid the jargon typical of consumer-facing offerings in the sector.
Cleo was founded in 2016 by Barney Hussey-Yeo. The company is headquartered in London, United Kingdom.
Cleo’s AI/machine learning-powered app connects to your bank accounts and gives you proactive advice and information on your finances, including timely nudges, to help you stay on top of your spending.
Cleo offers its customers a range of perks, including a cash prize of up to £100. Currently, the startup is funding its credit facility with its balance sheet.
Cleo now serves millions of young consumers in the US, and claims to be the only fintech founded in the UK before launching in the US and then making that its core market.
Cleo is backed by EQT Ventures, Balderton Capital, Sofina, LocalGlobe, SBI, Taavet Hinrikus CEO & Co-Founder of TransferWise, Alex Chesterman Founder Zoopla Property Group, and others. The company raised $80M in new financing on Jun 16, 2022. This brings Cleo's total funding to $137.3M to date. The latest round valued the company at a $500M post-money.
