Is Cleo a real bank?
Cleo is not a traditional chartered bank, but rather an artificial intelligence-powered financial assistant and digital budgeting application designed to help users track spending, build credit, and manage everyday finances. While it offers features like cash advances and spending accounts through partner institutions such as WebBank, Member FDIC, Cleo itself functions primarily as a technology platform and financial coach rather than an independent banking institution. Users connect their external traditional bank accounts to the application securely via third-party open banking protocols to receive personalized budgeting insights and financial tracking services.
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