Founded in 2016, Cleo AI is an artificial intelligence startup that aims to help young people better manage their finances

Cleo AI joins a growing group of diverse industry leading companies focused on creating important industry standards that provide access, transparency, consumer protection, and regulatory compliance

Washington, D.C. (October 17, 2023) – The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks creating critical access to safe and affordable financial services, has announced that Cleo AI has become its newest member. Cleo AI joins a growing group of AFC members utilizing responsible innovation and AI to assess a consumer’s complete financial outlook and offers transparent and affordable financial products to create a pathway out of debt.

“Cleo AI focuses on the comprehensive and unique financial situation of each user and provides personalized advice to help them make smarter decisions with their money,” said Phil Goldfeder, Chief Executive Officer of the AFC. “Artificial intelligence, when harnessed correctly, can be an important tool to help young people better understand their financial outlook and determine the appropriate steps to protect their future. We are excited to have Cleo AI as a core part of our growing membership. AFC and the industry are already benefiting from their expertise and dedication to robust industry standards that best serve young people in need.”

“Seven years ago we placed a huge bet that the future of human computer interaction would be delivered through a conversational user interface, enabled by advances in AI. Today, users can ask Cleo questions and receive deeply personalized insights and recommendations based on their own transaction history and individual priorities. In fact, we found that 84% of users feel better about their money after just one month of using Cleo’s app. We’re excited to continue helping young people build financial literacy and financial security, and thrilled to join the AFC membership,” said Rajat Agarwal, Chief Credit Officer at Cleo.

Founded in 2016, Cleo is an AI assistant that turns the complexity of personal finances into a human-like conversation. Through their proprietary AI and machine learning technology, Cleo is used to decipher complicated and unique financial circumstances and offer real-time insights, products, and solutions that help users feel less stressed about their money. Their conversational chat-based platform helps users manage their budget, track their spending, build credit, and plan savings.

AFC supports the next generation of fintech companies and innovative banks at the intersection of technology and financial services. AFC is committed to robust industry standards that can provide certainty for responsible innovative fintech companies.