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UK-based fintech Cleo, known for its AI-powered budgeting software, has launched its most advanced product to date. The new version, called Cleo 3.0, introduces features such as voice interaction, long-term memory and advanced reasoning capabilities.
Cleo founder and CEO Barney Hussey-Yeo said Cleo 3.0 is less of a chatbot and more of a “conversational AI money coach.” Users can now have real-time voice chats with Cleo, which the company says makes fundraising feel more natural and accessible.
“Cleo remembers your goals, learns your habits, and provides personalized financial guidance previously only available to the wealthy,” Hussey-Yeo said. fintech in 2016.
You connect the app to your bank account and Cleo uses it AI to view your expenses, income and habits. Then “it” gives you useful information, such as how much you spent this week or where you overspent.
The tool now allows users to speak to an assistant that responds in natural language and uses past interactions to provide specific advice. For example, you might ask, “Can I go out this weekend?” and will respond to you based on your current balance and accounts.
“Cleo 3.0 represents more than just a product update – it represents a shift in what we should expect from financial technology,” said Hussey-Yeo. “The AI revolution will be defined not by who builds the biggest models, but by who uses intelligence to solve the toughest, most human problems.”
The application is powered by and uses OpenAI’s o3 model chain of thought rationale for breaking down complex financial decisions. Cleo claims user engagement is 20 times higher than traditional banking programs.
The company expects to surpass 1 million paid subscribers this year, with annual recurring revenue (ARR) reaching $250 million – an 82% increase in 2024. However, Hussey-Yeo wrote on LinkedIn last week that “$500 million ARR is imminent.
The founder also undermined the possibility of the company going public. “So London or NYC for the IPO?” he wrote.
