Plum hits $4.5m new funding with 433% user growth in a year
Plum, the personal money management AI chatbot, has attracted $4.5 million of new financing, bringing total investment in the firm to $6.3 million and achieving 433% user growth in one year.
The round was led by venture firm VentureFriends and the EBRD; it follows the growth from 75,000 to 400,000 users in the past year.
Since the funding round, Plum has expanded its engineering teams in London and Athens and continues to further develop its multi- platform strategy.
The fintech start-up has just made its chatbot available as a free download on iOS and will be launching it on Android in the coming months.
Plum’s AI and behavioural economics helps people manage their finances and save automatically. The chatbot is designed to foster better financial behaviour via a three-pillar strategy that incorporates savings, investments and also spotting when users are wasting money on overpriced deals and underperforming financial products.
“We’re making an irreversible change in finance, putting consumers firmly back in charge of their own money. While the traditional banking system remains geared towards keeping people in debt, Plum empowers users to easily stay on top of their finances – helping them spend less, save more, switch out of overpriced deals, and invest better than they have before,” says Plum CEO and co-founder Victor Trokoudes.
In October, Plum launched its theme-based investment product, which offers a range of sector-based options including technology, emerging markets and ethical companies.
Last month it introduced “Splitter”, which splits users’ automatic savings between Plum savings and investments.