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Cleo’s founder and CEO, Barney Hussey-Yeo, described Cleo 3.0 as a “conversational AI money coach.” Users can now have real-time voice conversations with the app, which makes financial assistance feel more natural and accessible.
“Remembering your goals, learning your habits, and delivering personalized financial guidance previously only available to the wealthy,” said Hussey-Yeo, who founded Cleo in 2016. The app connects to users’ bank accounts, using AI to analyze spending patterns, income, and habits. It then provides helpful insights, such as how much can be spent this week or where overspending occurs.
Cleo 3.0 allows users to speak with the assistant, which responds in natural language and draws on past interactions for tailored advice. For example, you can ask, “Can I afford to go out this weekend?” and it will provide an answer based on your current balance and bills.
“Cleo 3.0 represents a shift in what we should expect from financial technology,” said Hussey-Yeo. “The AI revolution won’t be defined by the largest models but by who applies intelligence to solve the hardest, most human problems.”
The app is powered by OpenAI’s o3 model and uses chain-of-thought reasoning for complex financial decisions. Cleo claims its user engagement is 20 times higher than that of traditional banking apps.
Cleo expects to exceed 1 million paid subscribers this year with annual recurring revenue (ARR) reaching $250 million, an 82% increase from the previous year. Hussey-Yeo also hinted at potential IPO plans: “So, London or NYC for the IPO?”
The founder aims for $500 million ARR in the near future.
📚 Reading Comprehension Quiz
What new feature does Cleo 3.0 introduce that makes financial assistance feel more natural and accessible?
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