Cleo, a year in review 2024

Scaling to
new heights

Monthly Active Users

Subscribers

148k

'21

304k

'22

525k

'23

743k

'24

Annual Revenue (YoY growth rate%)

$136m(106%)

'24

$66m(121%)

'23

$30m(155%)

'22

$12m(86%)

'21

A Year of
Breakthrough Growth

Our numbers tell a compelling story

EBITDA ($)

$14m

'21

$20m

'22

$4m

'23

$11m

'24

Operating Leverage Ratio

Operating costs / Revenue

1.76

'21

1.16

'22

0.8

'23

0.58

'24

Cleo is now a profitable, fast-growing business. Revenue nearly doubled to $136 million with a $186 million exit run-rate. We reached sustained profitability in 2024, with an 8.4% EBITDA margin and net income profitability from August onwards.

Barney Hussey-Yeo,founder & CEO

Gross Margin (Gross Margin %)

$2m

'21

$10m

'22

$37m

'23

$81m

'24

18%

34%

57%

60%

December Run Rate Revenue
(YoY growth rate%)

$19m

(129%)

'21

$46m

(145%)

'22

$99m

(117%)

'23

$186m

(88%)

'24

Free to Paid %

23%

'20

44%

'22

50%

'24

Payback Period (months)

3months

'24

9months

'23

12months

'22

$11

2024 customer
acquisition cost

$60m

debt facility raised

+271%

YoY card spend

August

achieved profitability

Awards and Listings

Next billion dollar startup

UK startups to watch

Tech Nation Future 50

Deloitte EMEA Fast 500

11:FS Awards - Financial Wellbeing

Accel’s Fintech 50 list

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