Cash advance app Cleo AI agreed to meet compliance obligations for 10 years and to pay $17 million to settle allegations that it deceived millions of customers, under an order with the US Federal Trade Commission (FTC).
Cleo misled more than 2 million customers by advertising it would provide fast access to “hundreds of dollars” in cash advances and then actually delivering far less, the FTC alleged in a complaint filed in U.S. District Court for the Southern District of New York on March 27, 2025. The company also allegedly charged undisclosed “surprise” fees for cash advances that were supposed to arrive the same day but often didn’t arrive until the next day, the FTC said.
