The fintech start-up is aiming to disrupt how people manage their money.
Plum is launching a new investment tool - accessible via its Facebook chatbot – allowing investors to choose asset allocation based on ‘personal beliefs’.
Users, for example, can opt to invest only in ‘socially responsible' companies. Or instead choose to invest in sectors such as technology.
Plum’s new investment tool will officially launch in April, but the company has invited users to sign up to a waiting list. The investment function can allow users to make investments starting from just £1.
Growing demand for ‘socially responsible’ investment, driven by millennials, was a “critical” reason for the development of the tool, Plum says.
According to recent research, 67 per cent of millennials say they want their investments to match their social and environment values.
“The difference with investing with Plum is that people will be able to use money they won’t miss – and instead of letting it sit their earning nothing they will now be able to make returns from the stock market.”
Plum has created two investment options for users: Basic funds and Advanced funds.
The former is aimed at first-time investors in mind, offering a range choice of funds based on different risk appetites, with a more simple split between equities and bonds. Advanced funds have been designed for people that want to invest in their interests and more open to risk. The three categories users will be able to pick from are: Ethical, Emerging Market and Tech.
Plum charges £1 a month fee for accessing investments. There is also an investment management around 0.15 per cent annually on the amount invested.
Trokoudes added: “We recognise that investing should be about what you care about, as well as choosing a risk and return strategy that you are happy with. That is why we have introduced this new option for our users so they can align their own values with their money. It means that everybody – regardless of whether they are somebody who has never invested or the most seasoned investor – will have the ability to decide where their money goes.”
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