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AI money management app Plum raises €2.7 mn following Android launch

London and Athens-based AI money management app, Plum, has announced an investment of €2.7 million for funding its growth and expansion across Europe. The funding round was joined by investors including EBRB, VentureFriends and the CEO of LendInvest, Christian Faes. The new funding brings the FinTech’s total capital raised to €8.4 million.

Plum’s CEO and Co-founder, Victor Trokoudes, commented, “We’re ending 2019 with the great news that our close collaborators VentureFriends and EBRD have chosen to invest further in Plum. We’re also welcoming backing from Christian Faes, the co-founder of LendInvest. Until now we have been focused on the UK but the Brits are not the only people who are struggling to save and grow their money. Our sights are firmly set on Europe; in Spain, for example, a quarter of the population don’t have any savings at all.”

The funding round follows Plum’s recent Android app release that aims to launch its AI assistants service across Facebook Messenger, iOS and Android. The Android launch is expected to propel Plum’s market presence in Europe.

He continued: “We plan to help these people by investing heavily in our product to make it as useful as possible. We have hired a behavioural scientist to ensure that the new features we’re building are trail-blazing and informed by actual human behaviour rather than industry assumptions. Saving rules use automation to help people save more effectively without overloading them with information. 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% on average.”

The FinTech recently launched two new saving rules the 52 Week Challenge for helping customers to save £1367 over a year and the Rainy Day Rule for putting money aside when it rains.

Plum 

Established in 2016, Plum provides AI assistant for facilitating money management, It analyses incomings and outgoings and automatically sets small safe amounts of money aside for the users. It also provides insights on the user’s spending, investment for a real return.

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