Posted on November 13, 2019 by staff

AI FinTech assistant Plum secures $3m


FinTech AI assistant Plum has announced $3m in funding.

The London-and-Athens-based firm’s latest round brings the total round to a close at $7.5m.

The first part of the round, a total of $4.5m, was announced in May 2019.

This brings the company’s total funding to $9.3m.

Investors in the round include EBRD and VentureFriends, the European venture capital fund.

Christian Faes, founder and CEO of LendInvest has also joined the latest round.

The new investment comes at the end of a year of rapid expansion for Plum in both London and Athens, with the team now standing at 31.

The Athens office has tripled its size since April and the firm has completed a number of senior hires in the UK, including head of behavioural science Max Mawby, who joins from the Government’s Behavioural Insights Team.

CEO & co-founder, Victor Trokoudes, said the firm was moving from a focus on the UK to a wider Europe reach.

“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.

“We recently launched two new intelligent saving rules: the 52 Week Challenge (which can help you save £1367 over a year) and the Rainy Day Rule (which puts aside money when it rains).

Its saving rules use automation to help its users save.

“We have good evidence that this approach works: our automated round-ups feature that we launched earlier this year has become a firm favourite among Plum users, boosting their savings by 50 per cent on average.”

“We’re excited to be offering a solution that so many savers across Europe really need, and look forward to bringing it to them over the coming year.”