29 April 2017
Visit EBAday.com

Chatbot savings app Plum partners P2P lender Ratesetter

22 February 2017  |  5958 views  |  0 hipster suit with phone

British AI-powered savings Facebook Messenger chatbot Plum is to start steering users that are willing to take on risk in exchange for higher interest rates to P2P lender Ratesetter.

According to Moneyfacts, the average UK rate on easy-access accounts is 0.15%, while the average return earned by RateSetter investors to date is 4.7%.

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 every couple of days.

The money goes into users' Plum savings account but the Ratesetter deal means that people can also now choose to earn a better rate - if they are willing to take on the associated risk.

Says Trokoudes: "A quarter of people in Britain don’t save according to recent figures from ING. One reason for this is because people don’t see instant and significant benefits from high street banks - these savings accounts as we know them are dead and rendered useless by many consumers, particularly millennials."

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

Chatbot savings app Plum raises seed funding

Chatbot savings app Plum raises seed funding

11 October 2016  |  6657 views  |  0 comments | 14 tweets | 2 linkedin
RateSetter gets £20m investment

RateSetter gets £20m investment

30 March 2015  |  9015 views  |  0 comments | 12 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit dh.comFind out more

Top retail banking topics

Most viewed Most shared
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
7041 views comments | 17 tweets | 16 linkedin
Should central banks open up payment and settlement systems to non-banks?Should central banks open up payment and s...
6155 views comments | 22 tweets | 21 linkedin
JPMorgan formally quits R3JPMorgan formally quits R3
6098 views comments | 24 tweets | 14 linkedin
Token raises $15.7 million as PSD2 approachesToken raises $15.7 million as PSD2 approac...
5970 views comments | 20 tweets | 20 linkedin
hands typing furiouslyDo you need a business strategy for API's?
5314 views 1 | 11 tweets | 5 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job