Cleo is a new company based in London that offers a chatbot powered by Artificial Intelligence as a replacement for their banking applications. It has recently begun to offer its service to customers in the United States and 21 days later is already registering 1,000 users a day. Cleo maintains the same conversation interface as his UK counterpart, although he is developing an improved American dialect and even Gifs.
The U.S. version of Cleo supports 647 banks and can request and receive information about their spending on various accounts and credit cards, broken down by transaction, category or merchant.
In addition, Cleo also allows you to send money to your Facebook Messenger contacts, make donations to charities and set spending targets, alerts and other financial activities.
The overall goal is to offer Cleo users, most of whom are thousands of years old, a more accessible and intelligent way to manage their money and ultimately become their default financial control center, including recommending ways to save money and automatically switch to the best value products, whether private financial or public services.
In the UK Cleo now has more than 150,000 users, and with the company’s expansion in the United States, it is on its way to 200,000 users worldwide. The company is also seeking international expansion in Canada, Australia, New Zealand, Ireland, Singapore and South Africa.
What is interesting about Cleo is the decision not to become a bank in its own right, which would otherwise bring significant capital and regulatory frictions, especially in the fragmented U.S. market.
Barney Hussey-Yeo, co-founder of Cleo, has always said that it is better to focus on building a better and smarter user interface and user interface than to reinvent the current account itself, even if the ultimate goal is something similar. Or, to put it more simply, he argues that “no one needs to be a bank to replace your banking application”.