The fintech industry in the UK is booming and there is now slow down in site, the industry has gathered such momentum it has the traditional high street banks a little hot under the collar, as they try and perceive ways to keep pace and not lose more and more ground and customers to fintech companies giving people easier and easier ways to keep track of their money.
One such company is Cleo a UK fintech company, who’s chatbot that helps people with their finances could spell the end of banking apps s we know them.
So revolutionary is their product they have attracted investment from the likes of Niklas Zennström the billionaire co-founder of Skype, and with Robin and Saul Klein the owners of LocalGlobe one the UK’s largest start up venture capitalists, both who have invested 2 million GBP a piece.
Cleo’s Facebook Messenger bot connects with bank accounts and credit cards and users can ask questions such as “what’s my balance?” and “how much have I spent in Tesco?” in the same way as chatting with friends.
Cleo was only launched in January of this year and since that time they have seen more than 50,000 people managing 400 million GBP of their capital with their app, and it has answered more than one million queries.
And the startup said more than three-quarters of users stop using their bank’s app within three months of signing up with Cleo.
Cleo co-founder Barney Hussey-Yeo said the startup will use the cash to pursue “aggressive” scaling, including launching in the US and Australia, develop its product and grow the team.
Cleo will expand staff from eight to 12 by the end of 2017 and spend between £500,000 and £1m on marketing campaigns. So far it has picked up those 50,000 users “very much” by word of mouth.
“We were very impressed with the application of AI to engage a community of digital natives frustrated with the difficulties of communicating with traditional banks,” said new backer Robin Klein, general partner at LocalGlobe.
“In a short time, the Cleo team has already demonstrated product execution for growth and retention of its target demographic. People using the service really understand where their money is going and can find ways to save and replace with better financial products.”
For property investment detail, please visit DevDosh Ltd today.