2023 Mission Report

The enthusiasm for generative AI has turned into a full-on race. Companies will soon be defined by how they’re using this technology to create efficiencies for their business and value for their users.

As early AI innovators, our seven years of conversational and banking data have given us a big head start.

Cleo’s AI has never been more human or helpful - becoming a true financial coach that fits in your pocket.

Fine-tuning new LLMs has made chatting to Cleo an experience you won’t find anywhere else in fintech. She’s super smart, super engaging, and people are obsessed.

• The most times someone has said
‘I love you’ to Cleo is 47 times
  
• Users have shared the heart emoji with Cleo nearly 35k times

• Over 400 people have asked Cleo to be their BFF
  

Behind the new Cleo chat experience are the latest LLMs and over seven
 years of financial and conversational data.

We're bringing Cleo's chat closer to superhuman status.

Cleo's integration of AI has resulted in better user engagement, increased NPS, and higher retention.

• Cleo has helped users avoid declined transactions or 
overdrafting nearly 2 million 
times in 2023.
• We’re excited to see more people committing to future financial goals with 34% of Cleo users setting up 
a budget in the last year.
• Since the start of 2023, Cleo has helped 58% of users secure a
 cash advance at a higher amount than they’d previously taken to assist with emergency bills and other high priority expenses.

• The longest conversation that a user has had with Cleo is three hours! Cleo helped them set up a budget to make sure they didn't spend more than they were making and helped them sort through their bills.
• The top five merchants users are auto-saving through the Swear Jar feature are: 7-Eleven, Amazon, DoorDash, Apple, and McDonald’s.

70% of users say that Cleo has improved their financial life, helping them stay on top of bills, save money, and control their overall spending.

In 2024, we’re doubling down on AI innovation and the possibilities it can hold for personal finance.

Speaking of, in our last mission report we wrote how excited we were to leverage LLMs and make Cleo an increasingly superhuman experience. And we’ve done just that.

We’ve made a significant breakthrough on the implementation of AI in chat and are one of the few, if not only consumer facing fintechs to have done so. But we’ll be sharing more on that soon.

Take care,
Cleo

*According to the American Bankers Association, 81% of consumers used a mobile device to manage their bank account at least once in the previous month.