Chatbot money manager Cleo goes charitable

By Emily Nicolle on 25th January 2018

FintechChallenger Banks

The AI-powered financial assistant is working to improve millennial donation rates through digitisation.

Chatbot money manager Cleo goes charitable

Cleo, the money management Facebook Messenger add-on powered by artificial intelligence (AI), is today launching a one-click charity giving feature to digitise donations across the UK.

According to the platform, the number of people giving monthly in the UK has fallen since 2015, compared to those who donate on an ad-hoc basis. At the same time, the proportion of donations made via mobile and online - through websites, social media and apps - has steadily risen to more than 25 per cent in 2017.

“Cleo is simplifying the future of finance for our generation – young people who want tech-driven solutions that help them take control of their money,” said Cleo CEO, Barney Hussey-Yeo (pictured).

As a financial assistant, Cleo helps users to save flexibly each month by calculating what amount they can afford and putting it away for them. From today, users will be able to donate a percentage of those savings to charity with one click.

The feature will be launched in connection with two independent charities who work in financial inclusion and education, Toynbee Hall and The Money Charity.

“We are very excited to launch a feature that satisfies the desire of our users to give to charity – especially to smaller independent organisations like The Money Charity and Toynbee Hall – and to make it effortless for them,” he added.

Since Cleo first appeared on the fintech scene in early 2016, several new savings chatbots have arrived. Less than a month ago, savings chatbot Chip raised £1.1m on Crowdcube as part of a larger £2.4m fundraising round.

Comments

Mike Fuller

26 Jan 2018 04:21am

It's not clear here if Cleo will do the Gift Aid? To be useful I would have thought that the feature should support any UK charity that signs up and automatically deal with the Gift Aid for the charity. If a fintech can offer that sort of automated donation collection process in a tax efficient way it would really benefit society. That would be a great use case and benefit from PSD2

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