Cleo

Cleo app review

Meet Cleo, the AI friend you can text about your finances

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Cleo is an AI-based budgeting app that offers intelligent insights into your spending patterns, trends and budgets all via text message or Facebook Messenger.

As of February 2022 Cleo is unavailable to download on the Apple App Store or Google Play Store. The company has announced that it intends to focus on its US business, and so will be temporarily unavailable to new users until an unspecified date in 2023. Cleo Plus subscriptions have not been renewed since 19 January 2022. Existing app users can continue using the existing free version of the app, minus some features.

In this review we look at how it works, whether it’s safe, and any pros and cons.

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  • Intelligent insights
  • Spectacular visuals
  • Save simply
  • Certified bank-level security
  • Dedicated customer support

What is Cleo?

Since its launch in 2016 Cleo has grown exponentially, currently helping 2,600,000 users worldwide have a clearer and more positive relationship with their budgeting.

Cleo uses artificial intelligence to analyse transaction transaction data on your bank account. Its creators strongly believe in the power of new technologies to help us manage finances better.

How does Cleo work?

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.

  • Set and keep track of daily, weekly or monthly budgets.
  • Check your direct debits.
  • View your balance.
  • Check latest transactions
  • View your spending habits split up into categories.

Cleo is free to use, quick to set up and makes it easy to keep an eye on your spending.

Is Cleo safe?

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.

Pros and cons

Pros

  • Easy to use, sign up in less than 2 minutes and contact Cleo from your mobile phone.
  • Intelligent insights into your budget and spending.
  • Bank-level security with the £85,000 pledge.
  • Great for those who aren’t particularly engaged with their money.

Cons

  • Cleo may not be useful for people who are already in the habit of saving
  • Some may not be comfortable giving Cleo access to their online banking.

The bottom line

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.

Get started by visiting Cleo's website and download the app. If you have read this review and the app is not for you, you can also discover more budgeting apps.

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.

Frequently asked questions

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4 Responses

  1. Default Gravatar
    JackieNovember 7, 2018

    When will more banks be provided to use this service?

    • Avatarfinder Customer Care
      JoshuaNovember 20, 2018Staff

      Hi Jackie,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      You can connect any bank account to Cleo simply by providing your login credentials. If in case your bank won’t connect with Cleo, you might want to directly get in touch with Cleo to troubleshoot the problem.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    TreeceOctober 9, 2018

    Does Cleo sell my information?

    • Avatarfinder Customer Care
      joelmarceloOctober 10, 2018Staff

      Hi Treece,

      Thanks for leaving a question on finder.

      As per the terms and conditions of Cleo, they will never sell your data.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

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