Frequently asked questions


Why use Cleo?

Simply put, we don’t think that current banking services or products are good enough. Our finances should be easy to understand, our spending should be more manageable, and we should be able to make better informed decisions about our financial futures. If we are given the ability to really see what’s going on with our finances, we would be better at managing them. We also strongly believe in the power of new technologies to help make it easier for us to get to know our money better. That’s why we built Cleo.

How does Cleo work?

Cleo securely analyses your transaction data in read-only mode. That means it can only view your encrypted transactions. Cleo does this by using a world-leading financial software called SaltEdge. Cleo then uses her smart AI brain to scan your transaction history, calculating and spotting interesting spending trends, habits and lets you keep track of budgets. Cleo also allows you to view your balance, check direct debits, latest transactions, and see your spending per category.

How safe is Cleo?

Cleo is extremely safe and secure. We use bank-level encryption and security practices, and Cleo is a read-only service so no-one can ever move money in or out of your account. To access your transaction history, we either connect directly to your bank's private API or use Yodlee/SaltEdge, world leaders in financial security and data aggregation. We never store your credentials on our servers and your transaction history is encrypted with all personally identifiable information removed upon receipt. Only you and Cleo can view your transactions.

Why does Cleo need my login information?

We need you to enter your login credentials so that you can establish a secure connection with your bank or credit card company. This secure connection is read-only meaning nobody can move money in or out of your account (and that includes you!)
Once a secure connection is established, it enables Cleo to analyse and categorise thousands of historic transactions as well as current balance information, securely and automatically.

Can Facebook access my banking data?

No. Facebook is merely the platform that Cleo uses to chat with you. None of your banking credentials are stored or accessed by Facebook’s servers. That is all handled by your bank and SaltEdge in the sign-up process.

Does Cleo work with Banks outside of the UK?

Not yet but we'll be expanding shortly. Request for your bank to be added here.

How will you make money?

We'll offer our own faster, fairer and cheaper financial products. We have significant backing from tier-one investors to execute this vision quickly. And don't worry we will never sell your data.

What's the £50,000 security pledge?

We’re pledging to cover you up to £85,000, equivalent to the FSCS deposit and savings guarantee, because we know how safe you are with Cleo. We use 256-bit encryption and our security practices are equal to those of your bank. £85,000 tells you that we match your bank on security, but we beat them on everything else. Read more.
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