JANUARY 23, 2023


Cleo’s mission is to fight for the world’s financial health. Here’s how we did that in 2022.

An illustration with the text "Mission Report"
Fighting for the World's Financial Health

People everywhere are living paycheck to paycheck, struggling to save enough to prepare for a financial emergency. The problem isn’t personal, it’s systemic. Trying to make money work for you in an economy that favors corporations, big banks, and billionaires over regular people can feel impossible. That’s why Cleo is fighting for the world’s financial health.

Now, as we’re facing a recession and major cost of living crisis, Cleo’s mission has never felt more important.

In the last 6 months, we have continued to focus on supporting people through these tough times, building tools to help everyone get to the other side and thrive.

Improving Financial Health

Every interaction that a user has with Cleo is designed to educate them about their finances and get them more engaged with money management.

  • We processed and analyzed over 1.6 billion user financial transactions this year alone.

  • Cleo has delivered over 9.3 million unique and personalized insights into users’ money habits and roasted them half a million times in 2022 about their bad spending habits.

An illustration with the text "We analyzed 1.6 billion user financial transactions and delivered over 9.3 million insights"
An illustration with the text "74% of Cleo subscribers said Cleo helped improve their financial health"
  • Users engaging with our budgeting tools as well as our financial education and insights grew nearly 3x.

  • The more a user engages with Cleo, the better they feel about their finances. 74% of Cleo subscribers have said Cleo has improved their financial health.

“Cleo helps me monitor my expenses from the previous month and show me where I’m spending my money. I didn’t know that I was eating out so much and Cleo would tell me to watch out for this frequent spending and tell me to calm down.”

Jorge (Cleo User)

“The breakdown of my finances in Cleo shows me what I have coming in, going out, and what’s currently there. I have a budget set up that tells me how much I can spend in a day and it’s helped me to stay on track.”

Daunte (Cleo User)
Business Update (for the suits)

The global economy might be looking gloomy, but as a company we’ve never been stronger – continuing to grow sustainably and hire the best of the best.

An illustration with the text "$80m Series C"
  • We raised our $80m Series C at half a billion valuation in the summer of 2022. Backed by our investors who want to be part of a mission that matters.

EQT Ventures logo
Balderton logo
LocalGlobe logo
SBI logo
  • We grew. A lot. Not only did we double our subscriber base, we also grew revenue by >2.4x year on year and hit the milestone of $45m ARR in December.

An illustration with the text "$45m ARR and doubling the Cleo subscriber base"
  • We radically improved our gross margins by focusing on improving our efficiency across the entire business.

An illustration showing a 15% gross margin increase
  • Our user cohorts improved and accelerated every single month with a payback period for new users now <9 months.

A graph showing payback period for new users (now less than 9 months)
A graph showing the decrease in user acquisition costs
  • We’ve also kept our user acquisition costs low and stable by continuing to build a product that truly resonates with our deeply engaged audience.

  • We’ve kept ourselves lean. Operating expense remained flat and we’ve walked towards profitability every single month with a 90% improvement in our EBITDA Margin since January 2022.

An illustration showing a graph of 90% EBITDA margin improvement since January 2022
  • We’re doing more with less. Our employee productivity has increased 1.8x since Jan 2022.

  • We're looking for the best and brightest to join our global team and set a high bar for new joiners with a 4% acceptance rate from the first interview.

An illustration showing a graph of increasing employee productivity
Looking Ahead

Going into 2023, we’re pushing hard to make Cleo even more intelligent and personalized, so that she can help you make the best decisions possible.

You've also heard about GPT? Well, we won't say too much, but we've got a few teams working on what's next and we are really excited about what's to come.

Read more

signing up takes
2 minutes

QR code to download cleo app
Talking to Cleo and seeing a breakdown of your money.