Plum takes first step abroad with Ireland launch

By Aisling Finn on Tuesday 17 November 2020

Savings and Investment

The fintech is planning more European expansion by the end of the year.

Plum takes first step abroad with Ireland launch
Image source: Victor Trokoudes/Plum

Money management app Plum has made its first international expansion, leaping over the Irish Sea and launching in Ireland. 

As of today, savers on the Emerald Isle will be able to download the fintech’s app and begin saving money, joining the one million customers currently using the platform here in the UK. 

The fintech, which uses artificial intelligence (AI) to learn about its users’ spending habits, says it is launching in Ireland off the back of its latest, and biggest, funding round, worth $10m, that it closed in July of this year.  

According to the Bank of Ireland’s saving and investment index for 2020, over half (51 per cent) of Irish people regularly saved money over the past 12 months, but 47 per cent felt they didn’t save as much as they wanted to. 

Victor Trokoudes, co-founder and CEO of Plum, said: “The people of Ireland already know how important it is to save. But they face the same problems we all do across Europe — a rapidly changing financial landscape with an increased need for long-term financial resilience.” 

Plum’s intelligence makes it the perfect partner in fast-changing circumstances, something we’ve seen more profoundly during the COVID-19 outbreak as Plum automatically stashed more money in response to a drop in spending.” 

As well as launching in Ireland, Plum says it hopes to reach five million customers by the end of 2021 and also teased more international expansion, with launches in France and Spain coming in the next few months. 

Plum has experienced a bumper 2020 so far, seeing a 180 per cent increase in investors between January and September and deposits increasing fivefold between January and June of this year. 

The fintech has also launched a premium service for its customers, offering users enhanced cashback and reward features in collaboration with New York-based fintech Button.

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