Company: Cleo
CEO: Barney Hussey-Yeo
Website: https://web.meetcleo.com/
About Cleo
Cleo was founded in 2016 by Barney Hussey-Yeo, who identified a crucial gap in traditional financial services. Barney envisioned building a company that was more transformative than what his peers in the space were doing at other fintechs, and he wanted to do it by using artificial intelligence to enhance how people manage their finances through personalised advice on budgeting, saving, and building credit.
Barney started Cleo after only one year of professional experience, without an extensive resume or a fully developed product. He relied solely on his vision and determination to secure early investments, leaning into his decision to focus on AI long before it became a global trend. Barney recognised the potential of conversational AI to revolutionise personal finance and stuck with this belief.
A pivotal challenge Cleo overcame was the strategic decision to fully operationalise in the United States. This move beyond the UK market was not just about scaling; it represented a strategic response to limitations Barney perceived in the UK tech ecosystem that he felt restricted ambition. By relocating to a market with greater access to venture capital, talent, and a more innovation-driven regulatory environment, he positioned the company to compete globally.
By 2024, Cleo achieved over $150 million in annual recurring revenue, doubling its revenue subscribers, and active users for the fourth year in a row. Cleo also analysed over 3B user transactions in 2024 – 8.2M per day and 5,707 per minute — and had 24 million conversations with users. Each one of these taught Cleo how to be a better friend and partner to the people who rely on her, valued at half a billion with $137M in VC.
Cleo has had a substantial impact on the fintech industry as the app continues to pioneer an approach that democratises financial coaching, aiming to make the next generation smarter than the last. The AI financial assistant removes barriers like time poverty and lack of resources that often prevent effective financial management, enabling users to take control of their financial futures. This approach has proven effective, with 70% of users saying that Cleo has improved their financial life.
Beyond product innovation, Barney has influenced the broader fintech landscape through his advocacy for policies that enable AI firms to scale and maintain international competitiveness. His testimony before the House of Lords Communications and Digital Committee demonstrates his commitment to addressing systemic issues in the tech industry and shaping a regulatory environment where innovation can flourish.
Cleo continues to invest in growth and talent, expanding its team by 40% in 2024, including 50% growth in tech roles, which equated to one new hire every six days. The company maintains a strong focus on diversity with a workforce comprising 44% female and 49% male employees. Through competitive salaries, equity options, mental health support programs, and comprehensive healthcare offerings, Cleo has become a destination for top talent while modelling best practices for employee wellbeing in the fintech sector.
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