21 September 2017
visit www.avoka.com

Chatbot savings app Plum raises seed funding

11 October 2016  |  7516 views  |  0 hipster phone

Plum, the latest fintech startup looking to help the millennial generation manage their money and encourage savings, has raised £0.5 million in seed funding ahead of an invite-only launch at the end October.

Developed by Victor Trokoudes and Alex Michael, part of the early teams at TransferWise and Tictail, Plum connects to a user's bank accounts to analyse daily spending and puts aside spare funds in an interest-bearing savings account. Users can talk with the Plum on Facebook Messenger, ask it to save more money or withdraw money from their savings instantly back to their current account.

The service is currently undergoing a few hundred trials in private Beta in the UK and will be invite-only at the end of October.

“Ultimately, our aim is to enable every person in the UK to put money aside, whether that’s just enough for a rainy day, or for something substantial like a house deposit," says Trokoudes. "We know that a lot of people, particularly millennials, feel either that they cannot commit to saving a specific amount, or are not motivated to do so, so we want to do it for them.”

Plum's arrival follows hard on the heels of Chip, an app development startup operating out of London's Level39, which provides an equivalent chatbot-powered service.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Chip ships millennial savings app

Chip ships millennial savings app

05 October 2016  |  7022 views  |  0 comments | 16 tweets | 3 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comvisit www.vasco.comdownload the paper now

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12188 views comments | 26 tweets | 41 linkedin
Equifax hack: Visa and Mastercard flag 200k compromised credit cardsEquifax hack: Visa and Mastercard flag 200...
10837 views comments | 6 tweets | 17 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9465 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8064 views comments | 18 tweets | 26 linkedin
UAE banks pool cyber security dataUAE banks pool cyber security data
8037 views comments | 5 tweets | 4 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job