Plum’s second crowdfunding raise on Seedrs is proving to be just as successful as its first £925K campaign. Plum, an artificial intelligence (AI) chatbot for personal finance, returned to Seedrs in late June seeking an additional £850,000 in funding. Funds from the latest Seedrs round will be used to continue the expansion of Plum’s products. At this writing, Plum has been Seedrs’ “Biggest Mover” since launching, already nabbing over £700,000 in funding from 440+ investors for the 9.59% equity offered during the campaign. £850,004 is sought during this round which will end in 45 days.
Launched in January 2017, the former head of international at TransferWise Victor Trokoudes claims Plum as the first AI-powered Facebook chatbot that helps consumers manage their personal finances. To recap, Plum is a personal money assistant similar to Cleo and Chip that uses AI to manage money. Users connect to their bank accounts to Plum via open banking, Plum then uses the data to make clients better off across 3 pillars of financial well-being:
- Save: Plum uses your history of transactions to save money for you automatically without any additional input from you.
- Invest (launching now): Choose from theme-based funds to express your view on world trends like Tech, Ethical companies and Emerging Markets, risk-based funds for long-term diversified investing or P2P lending for more stable return.
- Don’t get ripped off: Your bills are analysed and better and cheaper alternatives are provided. (Utilities, Loans, Credit Cards, Mortgages)
In August 2016 Plum closed a £350K seed round from investors including OneFineStay Founder Demetrios Zoppos and the 500.co microfund. Other investors include 500 Startups, Julien Faye, Camilla Dollan, Eldar Tuvey, Roy Tuvey and Ian Thomas.
While this round’s funding will be in used in part to launch the investment product, Plum sees itself in good position to start scaling acquisition with a very unique proposition in the market. Internal investment will be made to expand the team, scale its investment product take up while testing switching revenue, launch across EU and one more international market, launch an app and continue to scale acquisition.
“Since the beginning, Plum has been driven by a very clear mission; Make people Better off, and that to us means making people have more money than they used to. The development of Plum Investments is a step closer to completing our mission,” commented the campaign. “By making investments available and engaging for everyone, people can take the first step to start investing and not feel this is something reserved for the rich, whilst also start growing their savings responsibly.”
— Plum (@withplum) June 25, 2018
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