Cleo

Cleo is marketed as the world's first AI assistant dedicated to personal finance, designed to make managing money easier. It offers features like budgeting, saving, building credit, and providing cash advances without interest or credit checks. 

Cleo utilizes a conversational AI interface to interact with users, offering both 'roast' and 'hype' modes for engaging feedback on financial habits. Its goal is to support users in improving their financial health through personalized advice and tools.

Cleo Features

• Budgeting Tools: Cleo assists users in managing their spending by providing intuitive and user-friendly budgeting tools, helping individuals gain better control over their financial habits.

• Savings Assistance: Cleo offers effective strategies and insights to help users save money, tailoring recommendations based on individual financial goals and circumstances, and fostering a proactive approach to building savings.

• Credit Building: With personalized guidance, Cleo supports users in improving their credit scores by offering actionable advice and tips, empowering them to make informed financial decisions and build a positive credit history.

• Cash Advances: Cleo provides a unique feature by offering interest-free cash advances without needing credit checks, offering users a convenient and flexible financial solution during unforeseen circumstances.

• Conversational AI: Utilizing a conversational AI interface, Cleo engages users in a dynamic and personalized manner, delivering tailored financial advice, insights, and feedback, enhancing the overall user experience and promoting financial well-being.

Cleo Pricing

This tool is completely free to use.

Cleo Usages

• Budgeting: This feature empowers users to take control of their finances by enabling them to set and track budgets, fostering disciplined spending habits and financial awareness.

• Savings: The platform offers personalized insights and actionable suggestions, guiding users in efficient money-saving strategies, and ultimately helping them build a robust financial cushion for the future.

• Credit Building: Users receive guidance on responsible financial practices, aiding them in improving their credit scores over time, which can positively impact their ability to secure loans or favorable interest rates.

• Cash Advances: The platform provides a valuable service by offering interest-free cash advances to users facing immediate financial needs, promoting financial resilience and stability during challenging times.

• Conversational AI: Engaging users in natural language conversations, the AI-driven interface delivers personalized financial advice and support, enhancing the overall user experience and making financial management more accessible and user-friendly.

Cleo Competitors

• Booke.AI: AI-powered bookkeeping for efficient, accurate, and automated financial tasks.

• Trullion: AI-driven accounting platform, streamlining workflows for accuracy, compliance, and efficiency.

• Planful: Streamlining financial processes with automation, AI insights, and scalability for growth.

• Greip:  AI-driven fraud prevention for secure online transactions and interactions.

Cleo Launch & Funding

Barnaby Hussey-Yeo launched Cleo on January 1, 2016.

Cleo secured a funding of $138.8 million through six funding rounds, with their most recent funding achieved on June 16, 2022, in a Series C round.

Cleo Limitations

• Accuracy: Potential inaccuracies in budgeting recommendations or financial advice.

• Complex Situations: Difficulty in handling complex financial situations or personalized scenarios.

• Privacy Concerns: Handling sensitive financial information raises privacy and security considerations.

• Dependency on User Input: Effectiveness depends on the accuracy and completeness of user-provided data.

• Limited Functionality: This does not cover all aspects of personal finance management or offer specialized features found in dedicated finance apps.