Plum, the world’s first AI-powered money chatbot has raised $4.5 million.
This brings the firm’s total investment to $6.3 million. Plum has achieved user growth of 433 per cent in one year, growing from 75,000 to 400,000.
The artificial intelligence chatbot aims to encourage better financial behaviour with savings, investments and also spotting when users pay overprice.
Plum predicts that it will save users £100 million in 2019 and that the average person in the UK could save over £2,000 by saving and optimising bills.
Since the funding round, led by venture firm VentureFriends and the EBRD, Plum has expanded its engineering teams in London and Athens and continues to further develop its multi-platform strategy.
From today onwards, the startup is making its chatbot available as a free download on iOS and will be launching it on Android in the coming months.
“We’re making an irreversible change in finance, putting consumers firmly back in charge of their own money,” said Plum CEO and co-founder Victor Trokoudes.
“While the traditional banking system remains geared towards keeping people in debt, Plum empowers users to easily stay on top of their finances – helping them spend less, save more, switch out of overpriced deals, and invest better than they have before.”
Plum will use the funding to increase its headcount in both its London and Athens offices, to focus on its multi-platform strategy and to expand into new markets.