UK fintech Cleo has launched its most innovative product to date. The new version, Cleo 3.0 introduces features like voice interaction, improved reasoning abilities, and long-term memory. Barney Hussey Yeo, Cleo’s founder and CEO, said Cleo is less chatbot, and more of a “conversational AI” money coach. Users can now have a real-time voice conversation with Cleo. The company says this makes financial help more natural and accessible.
Hussey Yeo, the founder of the fintech, said that Cleo “remembers your goals and learns your habits” to provide personalised financial advice previously only available to wealthy people.
Connect the app to your bank and Cleo will use AI to analyze your spending, income and habits. She will then give you useful insights, such as how much money you can spend this week and where you are overspending.
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Now users can speak to the assistant. It responds in natural-language and uses past interactions to provide tailored advice. You can ask the assistant, “Can I go out this weekend?” It will give you a response based on what you have in your account and your bills.
Hussey Yeo said that “Cleo 3.0 is more than a product update – it signals a change in what we can expect from financial technologies.” “The AI revolution will not be defined by those who build the largest models but by those who apply intelligence to solve the most difficult, human problems,” said Hussey-Yeo. Cleo claims that its user engagement is twenty times higher than traditional banking apps.
Cleo expects to surpass 1 million paid subscriptions this year. Annual recurring revenue (ARR), which will reach $250mn, is expected to increase by 82% compared to 2024. Hussey Yeo, however, said in a LinkedIn posting last week that500mn ARR was around the corner.
He also hinted at the possibility of going public. “So, London of NYC for the IPO?” he asked.
