Plum’s Artificial Intelligence (AI) Crowdfunding Campaign Raises £892,465 for Personal Finance Chatbot on Seedrs

15 Aug

The initiative makes its debut just eight months after the AI company raised its first $500k seed round from 500 Startups

By Robert Hoskins

London, England –  Plum, an artificial intelligence (AI) chatbot for personal finance, has raised £892,465 its initial £700k equity crowdfunding goal a month after launching its fundraising campaign on Seedrs in July.

Plum is an Artificial Intelligence (AI) powered Facebook chatbot that helps consumers manage their personal finances

Plum is an Artificial Intelligence (AI) powered Facebook chatbot that helps consumers manage their personal finances

Plum is an Artificial Intelligence (AI) powered Facebook chatbot that helps consumers manage their personal finances.  The disruptive startup says Fintech’s increasing penetration hasn’t yet reached the mass market, but Plum is set to change that. The crowdfunding campaign Seedrs plans to fund aggressive growth and expansion plans in the near future.

Plum has undertaken the ambitious task of helping millennials save money in a way they barely notice. The innovative chatbot connects securely to users bank accounts via Facebook messenger and AI technology learns their spending habits and automatically saves small amounts of money every few days. The savings are put into an account with an FCA-regulated e-money provider, Mango Pay, and individuals manage their money via Facebook’s Messenger platform.

The crowdfunding campaign on Seedrs follows just eight months after the disruptive AI business raised its $500,000 seed round led by Silicon Valley accelerator program 500 Startups.

The company launched in January 2017 with a waitlist of 5,000 users since which user numbers have been growing at a rate of 25% month on month. In the seven months since launch, Plum has seen its monthly savings grow by 50% each month. The personal savings chatbot is now on track to exceed £20 million in savings for millennials by the end of year one.

“There’s been lots of talk about the personal savings glut in the UK, confirmed by troubling stats. Deloitte estimated the savings gap will reach £350 billion by 2050. It’s a huge problem. Our team helps Plum users to micro save on average £150 a month in a way they barely notice,” said Victor Trokoudes, one of Plum’s Co-Founders. “We saw how TransferWise reduced the friction for sending money globally and provided consumers with a cheaper, superior product.”

Plum’s founders recognized that consumers have long been overpaying on a raft of financial services and products, facilitating abnormal profits for banks and financial services. They are committed to bringing a holistic financial assistant to the mass market by help users to save and earn interest on their savings. Plum will by tell you if you are being ripped off by your utility provider, if you’re overpaying on a loan or bank overdraft and will simply ask you if you would like to switch to save money. All a customer has to do is reply ‘yes.’

This is facilitated through partnerships with energy provider Octopus which gives Plum users the chance to switch to a green energy provider and lower their utility bills by around £250 a year, and Habito which helps Plum customers to find their first mortgage or remortgage opening up the possibility for savings in the thousands a year. Users are also able to earn a return of 3% via Plum’s partnership with P2P lender RateSetter.

While it is Plum’s AI algorithm that powers users automatic savings, the user can also determine how much they save by adjusting Plum’s saving mood from normal to ambitious, a feature that 30% of Plum users have activated, indicating the ambition of consumers to save more.

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Robert Hoskins, a seasoned Front Page PR veteran provides more than twenty-five years of external communications, media relations, digital social media and SEO skills to Front Page PR’s crowdfunding PR and media relations service portfolio.
Robert Hoskins
(512) 627-6622

Mr. Robert Hoskins is a seasoned marketing veteran with a proven track record of helping entrepreneurs, startups, small businesses as well as Fortune 500 corporations launch successful marketing communications campaigns to gain market traction for a wide variety of products and services.
On a regular basis, Mr. Hoskins consults with crowdfunding campaign managers as well as crowdfunding sites, portals and platforms to deliver successful crowdfunding marketing campaigns.
Google search “Robert Hoskins Crowdfunding” to see why Mr. Hoskins is considered one of the industry’s foremost crowdfunding experts that has amassed a huge social media following, which is dedicated to supporting donation-, rewards- and equity-based crowdfunding campaigns.

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