Scared Of Falling Into Student Loan Debt? Try Cleo To Help Yourself Budget

October 3, 2019 | FinTech, News
https://dailyalts.com/wp-content/uploads/2019/10/cleo-app-from-website.jpg

Cleo is the fastest-growing fintech app in history. It’s a money management tool with a sense of humor and a “zero-tolerance policy for bullsh*t.”

Barnaby Hussey-Yeo, a data scientist, founded AI-powered the Cleo app out of London. It was intended to be a fun-filled budgeting tool for “Gen-Zennials” – a friend in the pocket that speaks their lingo to help them save money.

It soon turned into a money-management revolution. Hitting the US market in summer 2018, Cleo now has 2 million consumers.

The Cleo app: Keep your data, and save money

“For decades, banks used data to predict how likely customers would overdraft their accounts or pay back their mortgages,” says Hussey-Yeo. “Now, with CLEO, it’s the customers’ turn to benefit from data.”

“In lieu, Cleo gives our users the tools to make the most of their own spending data and ensures they’re the only person who profits from it.”

Cleo has an auto-save feature allowing the user to save on average $20 a month. Additionally, they have instant and full visibility on their accounts.

The Cleo app: Back-chatting friend in your pocket

The app chats and talks back in the tone of a friend. So much so that Cleo’s personality is reaching cult-like levels. Here’s a sample:

“Roast me, Cleo”

App: Brace yourself

“Hit me”

App: Staggeringly, you’ve been on track for every day of your budget

😊

App: But you’ve saved $0.00. Guess how much that is if we double it?

The Cleo app: Anti-establishment (read: banks)

Cleo makes it very clear that she is not a banking app “and doesn’t want your money.”

Millennials already have a distrust of banks after the Financial Crisis in 2008 and the Occupy Wall Street movement.

“Gen Z’s are no different,” says Cleo, “with a high level of general distrust of “big banks” and fear of falling into student loan debt.”

As we noted last week, paying off student loans have become the top priority for Millennials in America. Perhaps a digital friend can help them reach their goals.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/09/city-3775520_640.jpg
Artificial Intelligence: AI Detects Loneliness With 94% Accuracy
September 25, 2020     Artificial Intelligence, News

Researchers at the University of California San Diego School of Medicine have found in a study that AI tools using NLP can predict the level of loneliness in older adults.

https://dailyalts.com/wp-content/uploads/2020/09/ecommerce-3562005_640.jpg
FinTech: Stripe To Process Cloud Payments For Salesforce’s Digital 360
September 25, 2020     FinTech, News

CRM leader Salesforce (NYSE: CRM) announced that Stripe, the leader in global payments processing, will power its Commerce Cloud Payments for its all-new Digital 360 platform. The Digital 360 platform…

https://dailyalts.com/wp-content/uploads/2020/09/deforestation-2833700_640.jpg
Digital Assets: Conglomerates Employ Technology To Track Deforestation
September 25, 2020     Digital Assets, ESG and Sustainability, News

JBS S.A. (BVMF: JBSS3), the largest meatpacker in the world, has committed to maintaining a vigil against deforestation throughout its supply chain. The Brazilian company has been under pressure from…

https://dailyalts.com/wp-content/uploads/2020/09/screenshot-greenlightcard.com-2020.09.25-12_01_13.png
Venture Capital: Greenlight Financial’s Series C Earns It $215M And Unicorn Badge
September 25, 2020     FinTech, News, Venture Capital

Greenlight’s mission to help kids save and spend smart with its debit cards received a $215 million boost Thursday via its Series C funding. Led by Canapi Ventures and TTV…