Plum secures $10 mn; introduces interest rates of up to 0.75%

Source: IBS Intelligence 2020-07-23

UK-based money management app Plum has announced a $10 million funding round along with few product updates for bringing financial assistance to its customers. The round was led by Japan’s Global Brain and the European Bank for Research and Development. The funding round is expected to propel the company’s growth across Europe and help in the enhancement of its financial management services. Plum has also received further funding from long-term investors VentureFriends, the Athens-based VC firm, and has been matched £2.5m as part of the UK government’s Future Fund scheme. Lifetime investment in Plum now stands at $19.3m.

“Plum is becoming the one single app for all your financial needs,” commented Victor Trokoudes, CEO & co-founder of Plum. “This fundraising reflects investors’ trust in our mission, particularly at a time when saving money and optimising spending is crucial. Having secured this investment, innovation through user experience and product development are vital to our brand.”

He added, “With Plum at their side, everyone can have full control of their money in one place. This new version of Plum has a universal appeal and will help us make even more people better off. Shockingly, high street banks punish their long-term loyal customers by giving them a minimal interest rate, but we are rewarding ours for their loyalty by offering one of the most competitive interest rates on their savings. At Plum, we’re doing things differently… from saving, interest, and pensions, to trading of stocks and ETFs, Plum is the brainy app that doubles your money.”

According to Plum, the new updates will allow clients to gain full visibility of their savings, spendings, and investments in one place. It will also be offering 0.6% AER on its easy-access account. Thus, the company’s customers will also be able to split a percentage of the money they put aside automatically, allocating deposits between the new interest-bearing account and their investments. Founded in 2017, Plum leverages AI to automate features of personal finance, including saving, switching bills, and investing.

financing

Plum secures $10 mn; introduces interest rates of up to 0.75%

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