AI-Driven Cleo Doubles Revenue, Reaches $185M
Hey Digital Banking Fanatic!
Cleo’s 2024 mission report is here, and the numbers tell a clear story. Annual recurring revenue has reached $185 million—twice last year’s figure. One million people now check in monthly, fueling 73 million conversations. Behind the scenes, Cleo has analyzed 3 billion transactions this year alone, turning them into actionable insights for users.
Founded in 2016 by machine learning expert Barney Hussey-Yeo, Cleo started as a simple chatbot for budgeting. Today, it’s a full-fledged AI-powered financial assistant, combining automation, insights, and a conversational interface.
Based in the UK but primarily operating in the U.S., Cleo connects with young, tech-savvy users, using gamification and open banking to make money management more engaging.
Since last year, the AI transformation has been in full swing. Cleo now operates on a comprehensive AI system that blends GPT-4, real-time data, and deep learning.
Instead of just responding, Cleo’s models are proactive—they anticipate needs, spot trends, flag risks, and deliver insights before users even ask. Engagement has surged by 264% YoY, showing that users are sticking around.
New features are making everyday money management smoother. AI-powered Save Hacks, spending challenges, and proactive alerts help users catch unnecessary costs before they add up.
Cleo has doubled its key metrics for four straight years. What’s next? Becoming a unicorn or turning profitable?
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A Comparison of 2024 Key Stats👇
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