Did Cleo just hit $280M ARR? - sam

Barney Hussey-Yeo, founder of Cleo, today celebrated reaching $280M ARR and launching version 3.0 of Cleo, “The world's first AI financial assistant“1. An impressive number. What’s more, visit the Cleo website and you will find a staggering level of transparency for a privately held company. A 2024 Annual Report, sharing their subscriber numbers, revenue, customer acquisition cost, payback period and more. What you will not find, though, is an answer to the question how do they make money?Unsurprisingly, there is a reason it is not disclosed. Cleo’s primary business is offering cash advances (aka payday loans). Earned Wage Access (EWA) is a financial service that allows employees to access a portion of their earned but unpaid wages before their scheduled payday. It is designed to provide short-term liquidity to workers who need access to their wages earlier than the standard payroll cycle2. As a U.K. registered company, Cleo must publish annual accounts. The annual accounts for 2024 in

Barney Hussey-Yeo, founder of Cleo, today celebrated reaching $280M ARR and launching version 3.0 of Cleo, “The world's first AI financial assistant“1. An impressive number. What’s more, visit the Cleo website and you will find a staggering level of transparency for a privately held company. A 2024 Annual Report, sharing their subscriber numbers, revenue, customer acquisition cost, payback period and more. What you will not find, though, is an answer to the question how do they make money?Unsurprisingly, there is a reason it is not disclosed. Cleo’s primary business is offering cash advances (