Artificial intelligence financial advisor, named Cleo, debuts to aid in managing and improving your spending patterns
The UK-based fintech company, Cleo, has launched its most advanced product to date - Cleo 3.0. This latest version of the AI-powered budgeting app is designed to go beyond simple money-tracking into truly personalized, behavior-changing financial coaching.
Cleo 3.0 introduces several key features and advancements. Users can now engage in real-time, conversational voice dialogues with Cleo 3.0, making financial assistance more natural, intuitive, and accessible than traditional chatbots. This voice interaction feature allows users to ask questions like, "Can I afford to go out this weekend?" and receive an answer based on their current balance and bills.
One of the standout aspects of Cleo 3.0 is its long-term dynamic memory. Cleo remembers users' financial goals, spending habits, and financial history, allowing it to provide increasingly personalized and relevant advice over time. This memory feature ensures that Cleo can deliver helpful insights like how much a user can afford to spend or where they're overspending.
Powered by OpenAI’s latest AI model (as an optional upgrade), Cleo 3.0 boasts advanced reasoning capabilities. It can analyze complex money decisions and translate them into simple, actionable steps tailored to individual spending patterns. For instance, Cleo uses chain-of-thought reasoning for complex financial decisions.
Barney Hussey-Yeo, Cleo's founder and chief executive, described Cleo 3.0 as a "conversational AI money coach." Unlike typical budgeting apps, Cleo 3.0 is focused on behavior change rather than just tracking balances. Hussey-Yeo believes that Cleo 3.0 represents more than just a product update, signaling a shift in what we should expect from financial technology.
Cleo has demonstrated significant user engagement—20 times more interaction than typical banking apps—and is on track to surpass 1 million paid subscribers with strong revenue growth and net profitability in 2025. The company anticipates an ARR of $500mn in the near future.
Hussey-Yeo hinted at the possibility of Cleo going public, suggesting potential locations for the IPO: London or NYC. The AI revolution, according to Hussey-Yeo, won't be defined by who builds the largest models, but by who applies intelligence to solve the hardest, most human problems. With Cleo 3.0, it's clear that Cleo is aiming to do just that.
In conclusion, Cleo 3.0 represents a significant evolution in AI-driven personal finance management. By combining voice-based natural interaction, memory, and sophisticated AI reasoning, Cleo 3.0 offers personalized, actionable financial coaching aimed at improving user money habits effectively and empathetically.
Technology integrations in Cleo 3.0, such as OpenAI's latest AI model, enable advanced reasoning capabilities in finance. This AI-powered app is not only a tool for money tracking but also a conversational AI money coach, offering personalized, behavior-changing financial advice.
