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Fintech Friday: Plum – a holistic approach to money management

Publish date: 19 February 2021
Author: plum

Victor Trokoudes, CEO of Plum, spoke with Efma’s Boris Plantier about how his company is setting Brits on a pathway to financial success with their algorithm-based savings tools.

What led to the creation of Plum?

I founded Plum in 2016 along with Alex Michael (ex TicTail). The idea for Plum came when we realized an algorithm could save money more effectively than people could themselves. So, we built a chatbot that used AI to save small, personalized amounts every few days. This grew into Plum, an app for iOS and Android used by more than 1m people in the UK.

Could you present Plum's offer?

Plum aims to help people manage all their finances effortlessly by putting their money on autopilot. It does this through four pillars: automated saving, smart spending, intelligent switching, and accessible investing. It’s a unique, holistic approach to money management which aims to make the average person 20% better off over their lifetime. 

What's coming next for Plum?

2021 is set to be a big year for Plum. The company will launch its first pension product, allowing customers to open a SIPP and add to their retirement savings in the app. The company also plans to expand its investment offering, adding new ESG-focused funds and single stocks so customers can invest exactly where they want. Plum will also launch a brand new tool that aims to revolutionize the way people budget. 

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