Gen Z Fintech Cleo Doubles Revenue

London-based Cleo’s revenue more than doubled in 2023 as the Gen Z financial health startup cut costs and grew subscribers.

According to the latest financial statements, Cleo recorded a turnover of 65.9 million dollars in 2023, with an increase of 121% compared to the previous year.

Cleo said it would reach adjusted breakeven by December 2023, citing “higher conversion and usage” of its paid products and “improved subscriber retention.”

Over the same period, the British company reduced its net loss by 31% to $17 million.

Founded in 2016 by Barney Hussey-Yeo, Cleo has created an AI chatbot that is used by millions of young people to help them avoid overdrafts, build credit, and better manage their budgets. Most of Cleo’s users are in the United States.

In 2022, the financial assistance app raised $80 million in Valuation of $500 millionSeb Johnson, founder of startup finance platform Growth Hub, said Cleo’s latest results “confirm its future unicorn status.”

“Moving to profitability while still doubling our growth every year has been the biggest and most substantial challenge we have overcome,” Hussey-Yeo said in a previous interview.

The company’s focus on the US market, a notoriously difficult market to break into, is paying off. It gets the majority of its revenue from the US. In total, it has more than seven million users, as of October 2023.

Cleo has raised $138 million from investors since its launch, according to data from Dealroom. Investors include Sofina, a publicly traded technology investor that has backed companies such as Typeform and Balderton Capital.

To know more: Cleo Boss: Startups, Fill Your Board of Directors with Ex-Founders

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