Plum Fintech offers a smart app that combines automated savings and investment features, allowing users to grow their money through products like Cash ISAs and Stocks and Shares ISAs. The platform addresses the challenge of saving and investing efficiently by utilizing automated rules to help users set aside funds effortlessly for both short-term goals and long-term financial growth.
Funding
$110.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
IVFounders
Product
Problem
Many individuals find it challenging to consistently save and invest due to inertia, lack of financial knowledge, and the effort required to manually manage their finances. Traditional savings methods often fail to keep pace with inflation, while investing can seem daunting and inaccessible to newcomers.
Solution
Plum is a fintech app designed to automate savings and investment, helping users effortlessly grow their wealth. By connecting to users' bank accounts, Plum's "Brain" employs a suite of automated rules to identify opportunities for saving, such as rounding up transactions or setting aside small amounts regularly. The platform offers a range of investment options, including Cash ISAs and Stocks and Shares ISAs, catering to different risk profiles and financial goals. Plum aims to simplify personal finance by removing the need for manual calculations and decision-making, making saving and investing accessible to a broader audience.
Target Audience
Plum targets individuals who want to save and invest more effectively but are hindered by lack of time, knowledge, or motivation, particularly those new to investing or seeking automated solutions.
Features
- Automated savings rules, including round-ups, weekly savers, and easy challenges, driven by the "Plum Brain"
- Easy Access Savings Pockets offering interest and immediate access to funds
- Cash ISA accounts held with Citibank and Lloyds Bank, including a bonus rate for the first 12 months
- Stocks and Shares ISA with access to over 3,000 company stocks and 25+ funds
- Self-Invested Personal Pension (SIPP) for retirement planning
- Spending card for budgeting
- Face and fingerprint ID login for security
- FSCS protection on eligible deposits
- Customer support available 7 days a week