14 May 2024

Meet Cleo, London based FinTech

Written By FinTech Alliance in A.I.

Meet Cleo, London based FinTech

Using AI to close in on unicorn status

 

In brief:

Suddenly, all eyes are on the UK’s artificial intelligence businesses. This week’s announcement that Wayve, the British self-driving car start-up, has raised $1 billion in Europe’s biggest ever AI deal, has focused attention on who might be next. And one name on many people’s radars is Cleo, the financial support business founded by Barney Hussey-Yeo in 2017.

Cleo certainly has things in common with Wayve, including shared investor Balderton Capital, which was an early backer of Cleo and has committed significant funds to the company. It’s also London-based and has deployed proven technology in a rapidly growing market.

Indeed, if anything, Cleo is further down the road to commercialisation, with some 600,000 paying customers already signed up in the US – and more than 10 times as many using free versions of the app. That has seen it lauded by analysts such as Sifted, the Financial Times-backed web site, which has described Cleo as “the only European fintech that’s cracked the US”. 

 

What does this mean?

Today, Hussey-Yeo is determined to capitalise on these early successes. “We want to be the AI service for financial services,” says Hussey-Yeo. “Our ambition is to get to more than 1 billion customers.” “Our view is that in the near future, you’re going to have these digital assistants in every part of your life,” explains Hussey-Yeo. “We’re going to be the one you turn to for help with your finances.”

 

Read more here.

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in A.I.

Stratiphy leads £1mn consortium

09 May 2024

Advancing trustworthy AI solutions in financial services. In brief:- Stratiphy, an investment ...

ComplyAdvantage acquires Golden

25 April 2024

Bolstering financial crime intelligence.In brief:- ComplyAdvantage, known for its advanced ...

Tifin hires Brooke Juniper as CEO of its AI investment platform Sage

18 March 2024

Tifin hires ex-BlackRock MD Brooke Juniper as CEO of its ...

Klarna's AI chatbot does the work of 700 full-time humans.

29 February 2024

Klarna says its OpenAI-powered chatbot is doing the equivalent work ...

White Papers A.I.

Retail Banking: The Scope of AI Within Financial Services

12 January 2024

Just as AI and machine learning (ML) swept through the industry bringing automation and disruption,....

White Papers A.I.

Comarch on: Knowledge is power – the role of AI in building loyalty in finance

27 April 2022

What you will find in this useful free e-book:Our e-book discusses the role of artificial intelligen...

Articles A.I.

It’s time to get excited about boring AI

30 June 2021

The good news? Artificial intelligence (AI) offers ways to perform these complex, integrated tasks f...

Articles A.I.

AI for business

25 May 2021

During a corporate crisis, time is essential. Getting the integration process wrong can prove d...

There are no Events in this category