Plum, an app designed to make it easier for users to manage their money, has just announced a funding round worth €8.7 million.
The app which launched in 2017 in the UK uses artificial intelligence to automate personal financing processes like bill switching and investments.
The company says that the investment will be used to bolster its European expansion.
Financing was led by Japan’s Global Brain and former investor European Bank for Reconstruction and Development.
Plum said that its users saved 5x more during the coronavirus pandemic. It also noted a 163% rise in utility switching via the app.
“More users have started using fintech apps and personal financial management apps across the globe, to be more efficient and be better off,” said Naoki Kamimaeda, Partner and Europe Office Representative at Global Brain Corporation.
“Among these fintech apps, Plum has a very unique position and very bold ambition to be a partner of individuals to save more money and manage their financial life in an easier and more effective manner. Particularly, this kind of financial life management is demanded in the current global pandemic timing and the world of post COVID. Also, we are very impressed by Victor and his team who clearly see what the future of personal finance should look like. Therefore, we, Global Brain, see huge potential in Plum and will continue leveraging our resources to support Plum to grow to the go-to app of your financial life management.”
Meanwhile, Plum made several updates to its app including allowing customers to link their accounts to Plum and viewing their saving, spending and investment in a single place.
Plum also added more options for savers by offering interest on money stashed aside.
The company has been making several changes to its senior management by hiring new product, operations and marketing team members.