Cleo
Cleo is a UK-based consumer fintech that operates an AI-powered conversational financial assistant for Gen Z and Millennials, offering budgeting, automated savings, credit building, and a WebBank-issued card via iOS and Android apps, primarily in the US with a 2026 UK relaunch.
- Company typePrivate
- Founded2016
- HeadquartersLondon, United Kingdom
- Headcount251–500
- GTM typeB2C
- OfferingSoftware
What Cleo does
The company makes money through a freemium subscription model with a paid premium tier, interchange and other transaction fees on the WebBank-issued Cleo Card, and net interest margin on user savings. It pursues a product-led growth go-to-market with self-serve onboarding via iOS and Android app stores, supported by PR, content, and organic social leveraging its distinctive brand voice. As of November 2024 Cleo reported $150M ARR with a stated target of surpassing $250M annually, and it has raised $124M+ in disclosed venture funding (notably an $80M round in June 2022 and a $44M round in February 2025) to reach a valuation above $1B. Key dependencies are bank-linking infrastructure (Plaid), partner banks (WebBank, Thread Bank), and app-store distribution, while the principal risk is active 2025 class-action litigation under the Military Lending Act and Truth in Lending Act targeting its earned-wage-access product.
Cleo firmographics
Firmographics- Name
- Cleo
- Legal name
- Cleo AI Ltd.
- Website
- https://meetcleo.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Cleo is a UK-based consumer fintech that operates an AI-powered conversational financial assistant for Gen Z and Millennials, offering budgeting, automated savings, credit building, and a WebBank-issued card via iOS and Android apps, primarily in the US with a 2026 UK relaunch.
- Ownership category
- akta.pro rank
Cleo industry classification
Industry- Product category
- Personal Finance Management
- NAICS
- Activities Related to Credit Intermediation (5223), Other Activities Related to Credit Intermediation (522390)
- SIC
- Personal Credit Institutions (6141), Investment Advice (6282)
- akta.pro primary industry
- BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG)
Keywords
Where Cleo is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Cleo business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure
Revenue model
- Premium Subscription: Cleo offers a freemium model with premium subscription tiers providing advanced features. The company reports over 1 million paid subscribers target with revenue expectations surpassing $250 million annually.
- Cleo Card: The Cleo Card is issued by WebBank and likely generates revenue through interchange fees on transactions made with the card.
- Savings Interest: Users can commit to savings goals and earn high interest on savings through the platform, potentially generating interest spread revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | — | Free tier with basic budgeting and spending tracking |
| Subscription | — | Premium subscription with advanced AI features |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
Cleo product offering
Product offeringCore offering
Cleo provides an AI-powered conversational financial assistant delivered through iOS and Android apps that analyzes user spending, delivers personalized budgeting advice, and helps individuals improve their financial health. The platform operates on a freemium model with premium subscription tiers and integrates with users' bank accounts via Plaid for real-time transaction monitoring, automated savings, credit building, and personality-driven engagement features (Roast Mode, Hype Mode).
Product overview
Cleo is a financial technology company offering an AI-powered financial assistant platform. The core product is the Cleo AI assistant, which uses conversational AI to analyze spending, provide personalized financial advice, and help users improve their financial health. The platform operates on a freemium model with premium subscription tiers. Key modules include: Autopilot for automated long-term financial planning; Cleo Card for spending management; Money IQ for enhanced financial insights; and Savings for automated goal-based saving. The product integrates with users' bank accounts via Plaid for real-time transaction analysis and offers gamified features like Roast Mode and Hype Mode to engage younger users.
Differentiator
Problem solved
Functional benefit
Brands
- Cleo Card: A financial card product offered in partnership with Thread Bank and WebBank for credit building purposes.
- Cleo Autopilot
- Cleo 3.0
- Cleo Money IQ
Products and services
- Cleo AI-powered financial assistant that analyzes spending, provides personalized budgeting advice, and helps users improve their financial health through conversational AI with personality, including Roast Mode and Hype Mode.
- Cleo Card Financial card product issued by WebBank, Member FDIC, providing users with a tool for spending and credit building alongside the core AI assistant.
- Autopilot AI-driven automation feature that automates long-term financial planning and routine financial decisions, helping users set savings goals and automatically adjust contributions based on financial situation.
Quantifiable outcome
- Over 85% of new users feel better about their finances within a month
- +5 more outcomes
Companies that use Cleo
Customer profileNamed customers5 records
Segments2 records
Ideal customer profiles1 record
Cleo technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability10 records
Feature4 records
Cleo partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- PlaidcoreBank account linking service that connects users' bank accounts to the Cleo app securely. Plaid is described as an API provider that complies with PCI DSS requirements for secure data handling.
- Thread BankcoreProvides Direct Deposit banking services for Cleo users. Thread Bank is Member FDIC.
- WebBankcoreIssues the Cleo Card to eligible users. WebBank is Member FDIC and provides the banking infrastructure for the card product.
Scale indicators8 records
Recent moves6 records
Expansion highlights5 records
Cleo competitors and assessment
Company assessmentDirect peers
- Rocket Money: Subscription-based personal finance app focused on subscription cancellation, budgeting, and bill negotiation. Directly comparable to Cleo's premium subscription model, mobile-first experience, and Gen Z/Millennial target.
- Dave: Mobile banking and earned wage access app with subscription fees and cash advances. Comparable to Cleo in target demographic, AI-driven financial guidance, and EWA/cash advance product exposure.
- Albert: AI-powered mobile banking and financial wellness app with subscription tiers, savings automation, and early wage access. Directly competes with Cleo for Gen Z/Millennial users seeking automated money management.
- Empower: Personal finance app offering automated budgeting, savings, and wealth tracking with premium subscription. Closely aligned with Cleo's product positioning and target customer.
- Monarch Money: Subscription-based budgeting and financial planning app competing for the same consumer finance management wallet share. Similar freemium-to-premium motion and demographic focus.
- YNAB (You Need A Budget): Established subscription-based budgeting app with a strong educational and zero-based budgeting methodology. Comparable business model and consumer target, though with less AI-driven automation.
Broad incumbents
- Credit Karma: Large-scale personal finance platform owned by Intuit offering credit monitoring, budgeting, and financial product recommendations. Competes for the same consumers with a broader portfolio of services.
- Intuit Mint: Long-standing personal financial management platform from Intuit offering budgeting, spending tracking, and credit monitoring. An incumbent in Cleo's core budgeting space with significantly greater scale.
- Chime: Large US neobank targeting similar Gen Z/Millennial consumers with fee-free banking, savings, and credit products. Broader incumbent with own banking charter, contrasting Cleo's partner-bank model.
Others
- Plaid: Financial data connectivity infrastructure provider and Cleo's bank-linking technology partner. Adjacent rather than competitive—relevant as a dependency and ecosystem comparator for AI-driven fintech apps.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Cleo social profiles
Digital presenceCleo compliance and trust
Trust signalCompliance1 record
Cleo financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cleo leadership team
Management profileNumber of profiles
Profiles4 records
Cleo funding detail
Funding detailFunding overview
Funding rounds7 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cleo M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cleo
What does Cleo do?
Cleo provides an AI-powered conversational financial assistant delivered through iOS and Android apps that analyzes user spending, delivers personalized budgeting advice, and helps individuals improve their financial health. The platform operates on a freemium model with premium subscription tiers and integrates with users' bank accounts via Plaid for real-time transaction monitoring, automated savings, credit building, and personality-driven engagement features (Roast Mode, Hype Mode).
Is Cleo a public or private company?
Cleo is a private company. It is classified as venture growth investor backed and is currently operating.
When was Cleo founded?
Cleo was founded in 2016. It employs 251 to 500 people.
Where is Cleo based?
Cleo is headquartered in London, United Kingdom, in the Europe region.
How does Cleo make money?
Three revenue lines are on record. Premium Subscription is the primary driver. The others are cleo Card and savings Interest.
Who are Cleo's main competitors?
Direct peers on record are Rocket Money, Dave, Albert, Empower, Monarch Money and YNAB (You Need A Budget). Broad incumbents are Credit Karma, Intuit Mint and Chime. Plaid is listed as an others.
Does Cleo have an API?
No public API is recorded for Cleo.
What industry is Cleo in?
Cleo's product category is Personal Finance Management. Its primary akta.pro industry code is FSAGAIAG, BNPL Consumer Apps & Wallets (Discovery, Management). Its NAICS code is 5223 and its SIC code is 6141.