Plum is a chatbot based app that helps people manage their money. Reports by reputed media outlets suggest that it has raised $4.5 million funds. The round, which ended recently, was directed by VentureFriends and the European Bank for Reconstruction and Development (EBRD). This increases the total financing for the fintech company from the UK to $ 6.3 million.
Plum was founded in 2016 by the first employees of TransferWise, Victor Trokoudes and Alex Michael. It is described as an AI-based online money management tool by the founders.
Cleo and Chip are some of the Plum competitors and a host of other UK-style PFM (Personal financial management) applications. Users need to link the application to their bank accounts and have access to a range of features that include savings, investments and money-saving methods based on the analysis of your regular spending.
Reason for developing such an app
Most people study hard to get a job and then earn money to support themselves, their family and live a good life. To do all this one needs to earn but along with that s/he needs to manage the earned money in a smart and efficient way so that it is not waste. It has been thousands of years but most people still find it difficult to manage their hard-earned money and many of us end up broke even after making a decent amount at the end of every month.
This helps you save money based on what you can afford with the Plum algorithm, in the form of regular refunds and/or savings and other budget tools. You can also open an ISA investment account and invest in issues, as well as in “ethical companies” or technology.
Launched last month, a related feature called “Splitter” allows you to divide your automatic savings between savings and investments in Plum, selecting the percentage to go to each plate from 0 to 100 per cent. Finally, if Plum notes that he is paying too much on several commercial bills, he will offer help to change providers.
Plum is making its chatbot for Facebook Messenger available with the launch of Plum for iOS. It is reported that an Android version will be made available soon.