usa +1 309 791 4105
Our Fresh Work

How Much Does Cleo like AI App Development Cost?

App Development

02 Dec 2022

In the digital realm, fintech is unquestionably occupied a large role. It is designed to progressively develop in usage and impact with an expanding variety of cutting-edge technical instruments for both private and commercial finance.

Many app development companies are considering Fintech app development as a result of the lucrative Fin-tech mobile app market. Before you choose a Fintech App Development Company to make your successful app, there are a few things you should know about Cleo. 

Cleo, A Personalized Finance Management App

Cleo is a kind of financial technology with artificial intelligence that helps customers stay on track with their spending goals. It's an AI-driven chatbot that was introduced in 2016 with the goal of making money management enjoyable for millennials. It responds to inquiries from users about their bank accounts and payment information in a way that is simple to understand.  

The digital assistant connects to your bank account to track your spending patterns, suggest amounts you may save, and aid with budget management. Cleo is dispelling misconceptions about budgeting. It may be a helpful buddy occasionally to help you manage your money better. 

Even more, the virtual assistant displays a variety of emoji and GIFS, adds fun to the dialogue, and gives the users the impression that they are speaking to a real person.

Also Read, Why Use Flutter For Mobile App Development?

Features That An App Like Cleo Should Have

Keep track of your expenditures

By keeping track of all financial transactions, users find it simple to forecast budgets.
Users must connect their bank accounts with Cleo in order for the artificial intelligence to display the account balance, transaction history, income, and other types of expenses.

Create a budget

The user's personal financial software then creates a customized budget for them based on their past spending and saving habits. An overview of the user's income and expenses is required.

Save earnings

It uses a feature called "Smart Save" where it immediately sends the money to your Cleo wallet to save it away. Based on your spending patterns, Cleo's algorithm determines how much money you can afford to save each week. 

Additionally, Cleo alerts them before transferring the funds and gives them the option of rejecting any transfer and moving the funds personally.

Set objectives

Users may also specify their savings goals, including how much they can save and when they wish to reach them. To fulfill their savings objectives, users of Cleo can establish various goals.


You can use it to enter prize drawings and play games and tests to advance your financial literacy. Like any other chatbot, it will make you laugh and compliment or criticize you on all of your spending and savings.

Set individual categories

Cleo can assist you in budgeting for your long-term objectives and in creating a clearer picture of your income and expenses.

Also Read, How Much Does It Cost To Develop An NFT Application In Canada?

What Is The Cost Of Making Cleo-Style Apps?

Depending on the features included, an app similar to Cleo may cost anywhere from $15,000 to $35,000 for a basic version and $80,000 to $130,000 for a high-end Fintech version.

For $5.99 a month, Cleo's free edition gives users access to the digital wallet, a budgeting tool, and a weekly quiz with the chance to win cash. If you decide to build a native Android or iOS software as opposed to a hybrid app, the cost of creating the app will be greater. 

When calculating the cost to build a fintech app, you should include the cost of updating and maintaining the app as well as the cost of hosting the app on the server. Due to android app developer rates that might vary by up to 3-4 times, a US-based app development company will cost you 3–4 times more than an Indian company.

Compared to app developers with operations in the US and UK, those with offices in Poland and India charge clients far less. Therefore, you ought to choose a developing nation to minimize the cost of producing a fintech app.

Making a Cleo-like app would it be secure?

Such FinTech applications must also employ 256-bit encryption and security protocols on par with those used by banks. Users' bank accounts are given read-only access by Cleo, which limits the ability to do anything but observe encrypted transactions. Because no one can ever transfer money into or out of a user's account, the app is trustworthy and reputable.

The Financial Regulatory Authority in your intended country should be known to you, and you should abide by their rules. The Financial Conduct Authority is in charge of overseeing Cleo. Additionally, Cleo promised to cover up to £85,000, which is equal to the FSCS deposit and savings guarantee, in order to consolidate consumers. Additionally, you won't be keeping user information on your servers. 

App Monetization Tactics

  • Advertisers, including those from banks, credit card companies, travel agencies, restaurants, and any other businesses, will be interested in putting banners in your application.
  • You may charge businesses who want to advertise to use your app to display relevant advertisements.  
  • You can employ a freemium business model, in which customers must pay to access advanced services while getting free access to fundamental capabilities.
  • By forming partnerships with other retailers and suppliers of financial services, you may also include these functions in your app. You will be able to provide cost-effective solutions to your users in this way. This will entice consumers to download your mobile app.
  • Better financial products may be offered to customers using fintech applications to generate revenue. 
  • This will result in a situation where everyone wins, both the consumer and the credit card company. 
  • For instance, if a user spends more money at restaurants, the app may recommend a credit card with more reward points for dining out.
  • The credit card firm may pay you a tiny fee in exchange for your services.

Contact hyperlink infosystem to get an affordable pricing package in toronto, canada


You have the option to hire dedicated developers, collaborate with an existing team, rent office space, and purchase new equipment. Because A Fintech application like Cleo takes a lot of labor to create.

Another great method to get experts to work for you is to engage with a mobile app development company that has experience in the field.

Take A Glance

02Dec 2022

Harnil Oza

Harnil Oza is a CEO and founder of a leading app development company, Hyperlink InfoSystem. He leads the efforts to identify and secure new business opportunities for the company, as well as develop and refine standard procedures for researching and tracking client information. With a pragmatic approach to learning and evolving with the latest trends and technologies, Harnil keeps the company ahead of the curve. Under his leadership, Hyperlink InfoSystem has achieved various milestones and follows a strategic roadmap to achieve digital success.

Get Free Quote Now !

Got An Idea? Leave A Message To Us And We Will Reach Out To You Soon.

Please enter sum:
3 + 2 = 
We sign NDA for all our projects.

Glimpse of our Work and Presence



Apps Developed



Website Designed



Happy Clients






AI & IoT Solutions



Games Developed



Salesforce Solutions



Data Science