Cleo

Company Summary
Cleo is an AI-powered financial assistant that helps users better manage their money through personalized insights, smart budgeting tools, and a conversational interface. Aimed at Gen Z and younger millennials, Cleo combines automation with humor to deliver a financial experience that feels more like a friend than a bank. It has grown rapidly through a three-tier subscription model and now serves millions globally.
The Problem
Personal finance is stressful and confusing, especially for younger generations facing rising living costs and stagnant wages. Traditional banks offer generic tools and little guidance, while most budgeting apps fail to engage users long term. Many people don’t know how much they can safely spend, struggle to build credit, and lack personalized financial support.
The Solution
Cleo gives users a chat-based interface that makes it easy to track spending, build credit, and manage money with confidence. Its AI categorizes transactions, sets smart budgets, and delivers tailored financial advice—all in a playful, supportive tone. Cleo’s paid features include credit-building cards, cash advances, and deeper insights, helping users go beyond budgeting to build long-term financial health.
Funding
In June 2022, Cleo raised $80M in a Series C round led by Sofina, with participation from EQT Ventures, Balderton Capital, and LocalGlobe. To date, the company has raised $138.8M across multiple rounds and has since grown to $250M in annual recurring revenue (ARR).
Founders
Barney Hussey-Yeo
CEO
Barney was previously a data scientist at Wonga, where he applied machine learning to a range of problems from credit risk to fraud detection. He holds a MSc in Machine Learning from the University of Bristol and a BSc (Hons) in Computer Science from The Manchester Metropolitan University. He was named on Forbes’ “30 Under 30 in Technology” in 2019.