AI savings assistant Plum closes $7.5m round after funding boost

Ben Heathcote

In App Deals. November 17, 2019

Plum, the London and Athens-based fintech startup behind a money management and savings app, has announced $3 million in fresh funding. The latest injection follows a $4.5 million raise earlier this year and brings the total round to a close at $7.5 million.

The European Bank for Reconstruction and Development (EBRD) and VentureFriends were among the investors, with participation from Christian Faes, founder and CEO of LendInvest.

The Plum app analyses incomings and outgoings of its users and automatically sets small amounts of money aside to help them save. Founded by TransferWise’s former head of international banking Victor Trokoudes, Plum now has a team of 31 spread across Athens and London.

He said:

“Until now we have been focused on the UK but the Brits are not the only people who are struggling to save and grow their money. Our sights are firmly set on Europe; in Spain, for example, a quarter of the population don’t have any savings at all.

“We plan to help these people by investing heavily in our product to make it as useful as possible.”

The new investment follows the launch of Plum’s new Android app, which extends the firm’s digital offering across Facebook Messenger and iOS. The company said it hopes to onboard two million UK-based clients by the end of next year.