How to Develop a Money Management App like Cleo? Complete Guide

Updated 13 Feb 2024
Published 26 Sep 2022
Nancy Bhargava 2781 Views
Money Management App Development

Artificial Intelligence is no longer something discussed only in science fiction; rather, it has become an essential component for the continued success of organizations.

The significance of AI solutions in the global business sector has grown increasingly important, from improving the customer experience to automating warehouse processes and detecting fraud. A recent addition to this list of significant applications of AI is money management applications.

The global market has been dominated by AI-powered financial management applications for a considerable time now. In fact, Google reports that nearly 67% of adults use a financial management app of some kind.

Develope A app Like Cleo

Therefore, it is now a sure thing that money management applications, and particularly AI money management applications like Dave, Cleo, are rapidly gathering massive momentum.

Cleo App: Overview

Cleo is a powerful AI-enabled budget application that has gained popularity for simplifying people’s experience of managing their personal finances.

Cleo, sometimes referred to as the “Siri of personal finance,” is a digital assistant that helps its customers better manage their finances, allowing them to save more money and reduce excessive expenditure.

This AI-powered financial management application includes a number of engaging features that keep users interested and, ultimately, help them save money.

The Cleo app may automatically sync with the user’s various accounts, allowing for the collection and analysis of user spending habits.

US Finance App Market
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When the application has collected enough data, it will make a recommendation for the best method to cut expenses while keeping as much of a human-like interaction as possible with the user.

The Cleo app has a digital wallet feature so that you may save and access your cash conveniently.

What are Cleo App Features?

In order to develop app like Cleo, it’s crucial to include a wide variety of features. One thing to keep in mind is that the more features you want to implement into your AI solution, the higher the cost to create an app for loan would be. The features of the Cleo app are divided into 2 categories: 

Free/Basic Version

Free version Cleo App Feature

Track Spending

Cleo is an AI app whose primary function is to monitor financial outlays. By connecting your bank account to the app, you’ll have instant access to your account balance, spending categories, etc. Also, users may query the application with things like:

  • What is the cost of this item?
  • How much am I spending each month?
  • What is my financial standing?
  • I need to see my upcoming bills.

Prepare Financial Plan

The app streamlines the process of creating category-specific budgets and keeping tabs on them all through the month. Users have the option of making their personal budget or following AI-generated suggestions.

Eventually, the app keeps track of spending and sends a warning when the allotted amount is about to be depleted.

Project Your Cost-Savings

The app analyzes user spending patterns and suggests when users should start putting money aside for emergencies.

Advanced Version

Advanced Version Cleo App Features

Cleo Cover

An overdraft service called Cleo Cover is made available to Plus subscribers. You can get a loan of $100 via the app with this functionality. Borrowers can take three to twenty-eight days to repay their loans through Cleo at no interest.

Daily Cash

When using the Cleo wallet, customers can receive quick cash rewards via Daily Cash. Users select “Money Makers” based on their preferred retailers and earn rewards points whenever they make purchases from those Money Makers.

Voice-Activated Chatbot

Cleo’s unique selling proposition is its voice-activated chatbot, which isn’t found in competing products. While there are several benefits to integrating a chatbot into your Fintech application, the most notable is the chatbot’s potential to improve the overall user experience.

Financial Knowledge

Cleo includes a fun interactive element where users may take quizzes and play games. The user will get financial knowledge with these games and quizzes. If you want to help your users out financially, you may add a section like this as well.


Incorporating features that are specific to each user, such as addressing them by name, tweaking recommendations to their interests, and allowing them to alter the look of their home screen, is one way to provide a personalized touch.

Optimizing the UX of your FinTech application can be as simple as adding a few personal touches here and there.

Hire a Mobile App Developer

How Does Cleo App Generates Revenue?

The premium upgrade, Cleo Plus, is the primary revenue driver for the Cleo app. Cleo Cover, Daily Cash, and an Income Checking Account are just some of the features users can access for just $5.99 a month.

In spite of the fact that such a monetization strategy is optimal for developing fintech applications, the following alternatives are also viable:

Cleo App Generates Revenue


For mobile apps, this is the go-to method of making money. Banner advertising, contextual ads, and videos are all viable ad formats. You can monetize the app by charging advertisers a Cost Per Click (CPC) or Cost Per Thousand Impressions (CPM).

In-app Transactions

This is yet another popular choice, especially for financial planning and management applications. It’s possible to implement a premium feature that can be unlocked by paying for it inside the application. One-time payments or subscriptions are both acceptable for this.

Processing Fee

In case your fintech app processes payments, you may wish to add a nominal fee. It’s standard practice, and it allows developers to make money while keeping the application free.

Paid Memberships

Subscription-based service is another option for providing users with access to premium services and content. This is a viable choice if your app features ever-evolving content.

With an understanding of how fintech apps make money, the next question in your mind may be “How to create a money management app like Cleo?” You can start with assembling the development team and deciding on the appropriate technology stack. Let’s take a further look into the details of this process.

How to Create a Money Management App Like Cleo?

Create A Money Management App Like Cleo

1. Consider Your Intended Audience

Market research is essential before beginning to develop app like Cleo. We are all aware that the international market caters to a wide variety of consumers. Therefore, determining your intended demographic is the first step toward building a successful personal finance app.

For instance, college grads and working professionals could be your app’s ideal users when it comes to personal finance management. It’s possible that you may find success in the target market by focusing on areas where there is a sizable population of potential customers, where there is little to no rivalry, and where there is ample room for expansion.

2. Seek the Advice of Professionals

It’s important to acquire an expert’s opinion on your business plan or AI application development proposal, even if you think you know everything about the subject. Consulting with an expert can help you confirm the viability of your business ideas and provide you insight into emerging trends in the industry.

By learning about cutting-edge features and designs, you can increase the likelihood that your app will be a success on a worldwide scale. That’s why it’s important to work with a money management app development agency that can also act as a consultant.

Not only that, but modern technological fashions are always shifting. Thus, to stay competitive for the long haul, it is important to select a cutting-edge technology stack that won’t compromise on reliability of your financial management app.

3. Pick Your Development Platform

Once you have a comprehensive plan to develop app like Cleo and have spoken with experts, you can move on to choosing the best development approach for your app.

Creating a budgeting app, for instance, might be built for any number of platforms, including Android, iOS, and even Windows. In a nutshell, choose the development platform that is most widely used by your target audience.

To do so, you can either use the information gleaned from the aforementioned Step 1 or conduct further surveys in specific locations.

Cross-platform app development is another option if you’re not committed to a specific development environment. That’s right; you may make use of the same mobile app to reach out to a wide variety of people.

Create A Money Management App Like Cleo

4. Select Only the Finest Features and Designs

Today’s competitive market places a premium on both features and design when it comes to the development sector. Excellent User Interface (UI) and User Experience (UX) are synonymous with good design.

If your users can’t access your fantastic features, they are useless. The only way to compete with all those other apps and gain a larger user base is to offer something truly innovative and superior when you develop app like Cleo.

5. Consult Qualified Developers

After you have a full grasp of the features and layout, it’s time to bring in some experts in app development. You need a devoted team of tech-savvy developers to make your AI application idea a reality. You can design the Cleo banking app for user either in-house or hire a mobile app development company to develop fintech apps.

If you choose to build your personal finance management app in-house, you’ll need to find and hire competent programmers.

To outsource a project implies seeking out a competent app development firm and utilizing its resources to complete the task. While both are viable solutions, outsourcing app development is normally acknowledged to be the better of the two. 

6. Examine The App For Errors

Testing has always been an essential part of developing custom software since it reveals flaws that were undetected during the development process. However, many companies neglect this stage and pay the price in the form of errors and damaged credibility.

Therefore, testing should always be chosen when you decide to develop app like Cleo. If you’re working with a development team, find out if they provide testing services. You can even get help from third parties to ensure your app is completely bug-free.

Generally speaking, testing is always included as a standard element of the development process at a reputable app development company.

As a result, be selective while picking an outsourcing partner. Moreover, automated testing is currently gaining popularity these days due to its ability to find mistakes without human intervention. Thus, you can go that route, or choose manual testing if it better suits your requirements.

Build a app Like Cleo

How Much Does It Cost to Build a Fintech App Like Cleo?

The price tag associated with money management app development can vary widely depending on a number of variables. When trying to estimate how much it would cost to create an app like Cleo, the following are the most crucial considerations:

  • Application complexity.
  • The security layers built into the application.
  • The amount of required third-party plugins for the application.
  • The hourly rate that developers charge.

When budgeting for a paycheck advance app, don’t forget to include ongoing expenses like server hosting fees and bug fixes. The expense of app development will increase if you choose to design a native Android or iOS app instead of a hybrid app.

Compared to their American and British counterparts, the prices of developers to develop app like Cleo based in places like Poland and India are significantly more reasonable. You may expect to pay three to four times as much for app development from a company in the United States as you would from one in India.

If you want to lower the cost to create an app for loan, then you should look to a developing country. Based on the features you wish to add to your financial application, designing a Cleo banking App for user will cost anywhere from $15,000 and $35,000 for a simple app and $80,000 to $130,000 for an advanced app.


More and more people nowadays are turning to smartphone apps for all of their daily needs, from banking and education to media consumption and beyond.

A smart business move, in this case, would be to put money into the development of a paycheck advance app or financial management app. It’s important to remember to add sophisticated AI features that can expand your app’s functionality and make it a perfect fit for today’s requirements.

FAQs for Cleo app

  • Is It Safe to Use the Cleo App?

    Cleo employs encryption and security measures comparable to those used by banks. Since it’s a read-only service, you can’t use it to buy anything or get money out of it. To put it simply, it’s an AI-powered financial planner.

  • Why Should You Invest in a Financial Management App Like Cleo?

    In today’s world, financial literacy is a must-have skill for everyone. People are always seeking new ways to put their money to work for them, and to develop app like Cleo might make saving and investing much simpler for them.

  • How can I ensure that my app is safe for users?

    Working with a mobile app development company that prioritizes user security is essential. You need to insist that they add a solid security system to your application.

  • How long does it typically take to develop app like Cleo?

    It usually takes about two to three weeks to design an app, but it can take as long as nine to ten weeks for apps with advanced functionality.

  • What is required to develop app like Cleo?

    Reach out to a firm that facilitates digital transformation for banking and finance institutions, and they will handle everything else. All they need is the fundamental know-how and access to the appropriate technology stack to build an app tailored to your unique business procedures.

Nancy Bhargava

Nancy works as an IT consulting professional with Arka Softwares. She has an in-depth knowledge of trending tech and consumer affairs. She loves to put her observations and insights of the industry to reveal interesting stories prompting the latest domain practice and trends.

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