Cleo
Cleo is an AI-powered personal finance assistant that tracks spending, automates savings, and provides personalized, personality-driven money guidance through a conversational chat interface. The app helps users reduce financial anxiety by automating savings goals with high-yield interest rates up to 2.95% APY, and offers features like Autopilot for fully automated money management and Cleo Pay Later for payday-synced installment payments.
- Financial Technology
- AI Agents
- Artificial Intelligence
- Software Only
Funding
Raised to date
$142.3MRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many people experience financial anxiety and struggle to manage their spending and savings without constant mental effort. Traditional budgeting tools often feel impersonal, complex, or require manual upkeep, leaving users overwhelmed and disengaged from their financial health.
Solution
Cleo is an AI-powered personal finance assistant that combines intelligent money management with a conversational, personality-driven interface. The app tracks spending, helps users set and meet savings goals, and automatically adjusts to life changes so users can stop worrying about the details. Cleo's always-learning AI builds a more personal connection over time, making money conversations feel approachable and tailored to each user. With the Autopilot feature, users can fully automate their money goals, and the Save feature lets users commit to a target while Cleo handles automatic contributions and earns high interest along the way. Cleo also offers Pay Later, which syncs installment payments to the user's payday schedule, and investment portfolios managed automatically through a partner adviser.
Target Audience
Cleo's primary users are individuals who experience financial anxiety, struggle with budgeting, or want a more personalized and automated way to manage their spending and savings goals, particularly younger adults seeking an engaging alternative to traditional banking tools.
Features
- AI-driven conversational interface that tracks spending and delivers personalized money insights with a personality-rich tone
- "Cleo Autopilot" feature that fully automates money goals, removing the need for manual adjustments
- Automated savings tool with Round Ups and Swear Jar features, earning up to 2.95% APY with FDIC insurance coverage up to $3,000,000 through program banks
- Cleo Pay Later: buy-now-pay-later loans with payments synced to the user's payday schedule, originated by WebBank
- Multi-agent AI architecture with a custom-trained router for accurate message classification and low-latency quick replies
- Real-time voice chat capability that maintains Cleo's personality and tone while ensuring high accuracy
- Recurring bill detection rebuilt around merchant and amount, nearly tripling the share of users for whom every bill is caught
- 256-bit encryption and read-only account access via Plaid for secure data handling