The rise of Artificial Intelligence (AI), especially in the finance industry, has set a new standard for personal financial management. The integration of AI in this sector has provided a way to meet the requirements of customers who want smarter, more convenient, safer ways to access, save, spend, and invest their money. In fact, a lot of banking and fintech companies are extending their service and developing AI-driven personal finance assistants
Raised €2.7 million!
Plum, a London-based startup that develops personal savings assistant solutions for customers, has raised $3 million (€2.7 million) investment led by EBRB, VentureFriends, and Christian Faes, founder, and CEO of LendInvest. So far, the company has raised €8.4 million. With the latest funding, Plum is planning to accelerate growth, including European expansion.
New Android app!
On the other hand, the company has also launched an Android app as well with a chat system just like Facebook Messenger chatbot. It’s worth mentioning that Plum was born on Facebook Messenger. Notably, the app for iOS was launched back in April 2019 and has witnessed a steady download growth each month.
650,000 registered user
As per the company claims, Plum is one of the very few financial AI assistants that are available across Facebook Messenger, iOS, and Android. At present, Plum has around 650,000 registered users, out of which about 70% are active monthly.
The launch of the Android app acts as a foundation for Plum to expand beyond the UK, considering Android’s large market share in Europe and beyond. The app was founded by Alex Michael and Victor Trokoudes in 2016.
How do Plum works?
Link your bank account: Plum analyses your transactions daily to learn about your income and spending.
Automatically saves money: Every few days, Plum transfers some amount from your bank account.
Helps you from bills: This platform enables you to save more, invest, and stops you from being overcharged on bills.
Furthermore, Plum notifies users about their balance, gives super-fast access to savings, and offers tips on how to save more In terms of security, the Plum app can be accessed through Face Unlock, Fingerprint authorization, or PIN Unlock.
Intelligent saving rules
Plum has recently launched two new intelligent saving rules – the 52-week challenge (which helps you save £1367 over a year) and Rainy Day Rule (it’s all about putting some money aside whenever it rains) automatically direct users’ funds into savings accounts. The saving rules use automation to help people save more effectively without overloading them with information.
Image credit: Plum
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