Jimmy's Jobs of the Future The Future of UK Unicorns | Cleo - Barney Hussey-Yeo
Nov 5, 2024
Barney Hussey-Yeo, founder of Cleo, an AI-driven fintech company, shares his remarkable journey from a state school in Sheffield to leading a company with aspirations of reaching $1 billion ARR. He reflects on his early days playing poker and how setbacks shaped his entrepreneurial spirit. The discussion emphasizes the contrasting entrepreneurial landscapes in the UK and US, Cleo's unique approach to financial services, and the importance of nurturing homegrown talent. Barney also offers invaluable advice for aspiring entrepreneurs navigating the startup world.
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From ML Prototype To Playful Product
- Barney named Cleo after Cleopatra and initially built a stats-heavy ML tool for himself at Entrepreneur First.
- A playful SMS feature predicting when he'd run out of money and a fake conversational landing page drove early consumer interest.
Prototype Pivoted By A Friend's Suggestion
- At EF Barney launched a feature forecasting low balances but users ignored graphs and stats.
- A friend suggested making the product simple and conversational, which drove viral interest.
Growth With Profitability
- Cleo reached roughly $150M ARR, became net income profitable, and grows ~2x year on year.
- The company combines high growth with profitability and plans one final venture round before public scale.