When deciding between Revolut and Cleo, it’s important to evaluate which features best align with your financial needs.
This comparison will highlight key differences, from mobile banking capabilities to specific benefits, helping you make an informed choice.
Revolut
Cleo
How do Revolut and Cleo compare?
Revolut and Cleo are two mobile banking solutions that offer distinct features and services to meet the financial needs of their users.
Revolut is a comprehensive mobile banking app that provides a wide range of financial services. It allows users to hold and exchange multiple currencies, make international money transfers at competitive exchange rates, and spend abroad with minimal fees. Revolut also offers a variety of tools for budgeting, spending analytics, and the option to buy and trade cryptocurrencies. It provides different account types, including free and premium plans, with additional benefits such as higher withdrawal limits and access to exclusive services. Revolut is ideal for individuals who require international banking services, currency exchange, and a broad suite of financial tools.
Cleo, on the other hand, is an AI-powered financial assistant designed to help users manage their money more effectively. Unlike traditional banking apps, Cleo connects to users’ existing bank accounts and uses artificial intelligence to analyze transactions, providing insights on spending habits. It offers budgeting tools, tracks expenses, and provides personalized savings recommendations. Cleo’s main strength is in simplifying financial management and providing users with a clear overview of their financial situation, helping them make smarter decisions and save money.
While both apps offer budgeting tools, their core strengths differ. Revolut excels at providing international banking services, such as currency exchange and international transfers, making it perfect for people who travel frequently or manage multiple currencies. Cleo, however, stands out with its AI-driven financial insights and focus on personal budgeting and money management. It is more suited for users who want a digital assistant to guide them through their financial habits and help them save, rather than those seeking a broad range of banking services.
In conclusion, the choice between Revolut and Cleo depends on the user’s specific financial needs. Revolut is the better option for those looking for an all-in-one banking solution with international capabilities, while Cleo is ideal for individuals who want an intuitive, AI-powered assistant to simplify their day-to-day financial management.
Founded: 2015
Headquarters: London, UK
Users: +45 million
Countries available: 35
Account plans: 5 plan options
Go to Revolut
Founded: 2016
Headquarters: London, UK
Users: +1 million
Countries available: UK and United States
Account plans: checking and savings accounts
Go to Cleo
Other comparisons about Revolut and Cleo
Why use a digital bank?
Affordable fees and attractive pricing
With their digital-first approach and reduced operating costs, neobanks often offer highly competitive fees compared to traditional banks. Many neobanks minimize or eliminate fees for services like account maintenance and transactions, and some even provide enhanced interest rates on savings and loans. This cost-efficiency appeals to individuals and businesses focused on maximizing financial value without the typical expenses of traditional banking.
Quick account setup and hassle-free onboarding
Opening an account with a traditional bank is often a slow, paperwork-heavy process. Neobanks streamline this experience by using technology to offer a quick, fully online onboarding. Some even provide instant approval, allowing users to start banking within minutes. This efficiency and ease make neobanks an attractive option for people who want fast, paperless access to financial services.
Intuitive design for easy navigation
Neobanks offer highly accessible, user-friendly mobile apps designed for a smooth, modern banking experience. Unlike traditional banks, which rely on complex processes and paperwork, neobanks provide a streamlined interface where users can manage finances, track transactions in real-time, and set up alerts with ease. This straightforward, app-based experience appeals to tech-savvy users and businesses alike, offering a practical solution for efficient financial management.
Advanced budgeting and financial tracking tools
Neobanks often come equipped with advanced financial tools built right into their apps, giving users insights into spending patterns, budgeting help, and real-time transaction categorization. For businesses, this translates into improved financial control and clear visibility over cash flow. With features like expense tracking and financial analysis, neobanks empower individuals and businesses to make informed, data-driven financial decisions, setting them apart with their strong focus on financial management.
Responsive support and community involvement
Neobanks focus on customer satisfaction with quick, accessible support through multiple channels like in-app chat, email, and even social media. Traditional banks can sometimes have slower, more bureaucratic service, but neobanks use technology to deliver faster, more tailored responses. Many also build a sense of community through online forums and events where users can exchange tips and insights, fostering a collaborative approach to banking.