Money Management App Development

What does the budget mean? Does it mean to restrict your every spending and take the joy of living out of your life?

“The simplest definition of a budget is "telling your money where to go.”

― Tsh Oxenreider

Budgeting sounds dull, and sticking to it is way too tedious. Also, “Can I afford it?” is the question that leaves you baffled in the front of your favorite store. Ouch! So, does money management have to be a drag?

The answer is NO. Particularly not in this mobile and AI-driven 21st century where FinTech is thriving like a Palm tree. Cleo-AI, an outcome of money management app development that makes you feel like having a personal budget assistant in your pocket. It helps you set goals for saving money for the things that matter to you the most.

Cleo also tells you how you should spend money and how you shouldn’t, and you just need to focus on things you love. Moreover, it appreciates your hard-work at work by offering extra money to get you through the payday.

Does the concept of developing a money management mobile app like Cleo tickle your entrepreneurial fancy?

HOWEVER, before you rush to partner with a mobile app development company, hang on! Check out other interesting facts about Cleo to match its level.

Personal Finance Management App, Cleo

Cleo is an AI-powered chatbot that was launched in 2016 to make money management fun for millennials. The digital assistant links with your bank account to track your spending habits, recommend how much you can save, and help in managing your budget. Cleo is breaking stereotypes of budgeting. It can be a friendly ally and also roast you like a turkey sometimes to make you better at your budget.

Key factors in developing a budgeting app like Cleo

- The Working Model Of Cleo:

Cleo starts analyzing your spending habit from the moment you sign up and add your bank account and credit card details. By analyzing every transaction data, Cleo provides you with a personalized budget and spending breakdowns. Like Google Assistant, you can have a funny, guiding, or roasting conversation as per your mood with Cleo over text or Facebook Messenger. What else?

- You can set and keep track of daily, weekly, or monthly budgets.

- With Cleo, you work on highlighting blockage to get around the positive credit report.

- You can set saving goals, and Cleo tells you to get there by working out how long it would take and how much money per week gives you to spend.

- Analyze your spending habits split up into categories.

- Cleo can be savage to give the kind of feeling you need to break your bad spending habit.

Bonus, Cleo is a real eye-opener for guiding you on how to own your money, and it’s free to use and quick to set up.

Core Features To Make An App Like Cleo

Track the money spent:

Users have to link their bank account with the Cleo so the artificial intelligence can present the account balance, transaction history, income, and all types of expenditures. By tracking every activity related to their money, forecasting budgets becomes a child’s play for users.

Set a budget:

Users need to provide a summary of their income and expenditure. The personal finance app then sets a personalized budget for users depending on a record of how much they want to spend and how much they want to save.

develop budgeting app like Cleo

Save money:

Cleo’s algorithm detects how much money you can afford to save every week based on your spending habits. It automatically transfers the amount to your Cleo wallet to set it aside, which refers to as ‘Smart Save.’ Cleo also notifies them before transferring the money and leaves it up to them whether to reject any transfer and move amounts manually.

Set goals:

Users can set multiple goals within Cleo to reach their saving targets. Users can also elaborate on how much they can save and when they want to achieve their saving goal.

Cleo Plus for salary advance

By paying $5.99 for Cleo Plus, users can also get cashback perks and a salary advance. After checking your eligibility, it drops the money directly into users’ Cleo Wallet. Users only have to say ‘Salary Advance’ or ‘Spot Me’ to Cleo, and they can get between $25-$100 as per your need. They can repay the amount anywhere between 3 to 28 days of loan received. The fun fact is, users receive borrowings without documents, questions, or supervisors. With the subscription, users can also get a 1.5% interest on their savings.

Chatting like a friend

You see the features that gain Cleo over 3 million users. However, Cleo can also be your friend to talk about your money despite monitoring and managing money. You want to be roasted or hyped? Cleo can criticize and compliment as well with memes and gifs. It is basically subjected to your spending and saving journey with Cleo.

These are overall features contributing to making the Cleo AI sassy, moody, not nasty but helpful for its users.

Elementary Features Money Management App Development

Except for the core features, your app needs some features that almost every FinTech app contains to be functional.

Basic features:

Sign up/log in

Link Bank Account

Check balance.

Track Spending

Track all transactions

Create Budget

Saving Pocket

Auto Saving mode With AI

Set Saving Goals

Spending Reports

Push notifications on overspend

Voice-activated chatbot

Add 2-factor authentication for security.

Advanced features:

In-app Wallet


Get Extra Money

Overdraft Saving

Interest on Saving

Would it be safe to make an app like Cleo?

Cleo obtains read-only access to users’ bank accounts, which means they can only view encrypted transactions. Further, such FinTech apps have to use bank-level 256-bit encryption and security services. Thereby, no one can ever move money in or out of any user’s account, making the app reliable and credible. Moreover, you won’t be storing user data on your servers.

Cleo is regulated by the Financial Conduct Authority. Furthermore, to consolidate users, Cleo pledged to cover up to £85,000, equivalent to the FSCS deposit and savings guarantee. Likewise, you should identify the Financial Regulatory Authority in your targeted country and follow their regulations.

develop budgeting app like Cleo

How to Calculate the Cost to Develop Money Management App like Cleo?

From drafting a business model to public your app, many courses of action take place. The money management app development cost depends on factors coined with these activities. For example:


- The number of features and their complexity level that are defined during project requirements documentation.

- The security layers to build in your FinTech app depend on the technology stack you choose.

- Whether you opt for Native app development or Cross-platform app development.

- The number of iterations you run during prototype development and focusing on designing the app.

- To ensure smooth app functionality and a bug-free and engaging user experience by conducting different types of testing.

Let’s peek into the team member you need to bring your AI-based FinTech app idea to life, including hiring mobile app developers. Note, their expertise and rate differ country-wise.

Project manager

Team leaders


UI and UX designers


Expert AI programmers

Quality Assurance Engineer

Putting it all together, the standard cost of money management app development like Cleo starts from $20000.

blog author - kodytechnolab

Sanjay Kidecha