Since its launch in 2016 Cleo has grown exponentially, currently helping 90,000+ users have a clearer and more positive relationship with their budgeting.
Cleo uses artificial intelligence to analyse transaction transaction data on your bank account. It’s creators strongly believe in the power of new technologies to help us manage finances better.
By providing Cleo with your online banking login it is able to securely analyse your transaction data. Cleo will then use this information to provide users with a clear insight to their spending habits. Once you are connected you can contact Cleo via text or Facebook Messenger.
Cleo is free to use, quick to set up and makes it easy to keep an eye on your spending.
Cleo gain read only access to your account, meaning they can only view encrypted transactions. They use bank-level 256-bit encryption and security services. No one can every move money in or out of your account.
Your data will never be stored on Cleo’s servers.
Cleo are in fact so confident in your safety that they pledge to cover you up to £85,000, equivalent to the FSCS deposit and savings guarantee.
If you’re looking for a money app that helps you save, you have a few options, but Cleo is one of the most fun and easy to use, as it mostly works through a chatbot.
While some may prefer something more elaborate, with more features and options, if you’re just starting your financial education (and are quite the chatty type), it can be great. Otherwise, you could perhaps consider a budgeting app like Yolt, which requires a bit more work on your side but also offers a wealth of features and data Cleo cannot quite match.
While not necessarily the best option for money app junkies, Cleo can help beginners get a better idea of their spending patterns and save money hassle-free.
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