Business Editor
Fast growing money management and savings app, Plum, has launched in the Irish
market.
The fintech service learns about users' income and spending habits and provides
them with automated and personalised financial decisions.
It will do this here in Ireland by linking into the accounts of its users in
AIB, Bank of Ireland, Permanent TSB, Ulster Bank and Revolut using technology
governed by the EUâs PSD2 regulations.
Artificial intelligence is then used to put aside small amounts of money every
few days, dependent on what the customer can afford.
However, if the user needs to withdraw cash from their Plum account they can do
so at any point without limits or charges.
The money is then sent back to the userâs bank within five minutes.
Founded in 2016 by ex-TransferWise executive Victor Trokoudes and former
TicTail executive Alex Michael the free app already has over a million users in
the UK.
It has raised $19.3m in investment funding so far, including a $10m round in
July.
Plum is one of a number of apps, including competitors Clip and Cleo, that
provide an AI driven savings service.
Its move into the Irish market comes as savings here hit an all time high,
driven by a reduction in spending due to the Covid-19 pandemic.
Plum also has a paid for service which costs â¬2 a month.
Plum Pro offers additional features, including a 52 Week Challenge and Rainy
Days, which puts extra money into savings when it rains.
The premium service also lets subscribers save into multiple customisable
pockets.
By the end of December, Pro subscribers will also be able to get cash back from
certain retailers when they buy using the service.
Plum will also launch in France and Spain soon, with further expansion across
Europe planned for 2021.
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