Fintech startup Plum is doubling the number of countries it operates in. The company will launch its products in his five new European countries: Italy, Portugal, Holland, Greece and Cyprus.
Originating in the UK, Plum is a money management app that helps you save money automatically. This way the user can save money without having to enter it manually. It’s especially useful for those who earn enough money to save money each month, but tend to spend everything in their main bank account. We are expanding our business.
There are several ways to save with Plum. The app can connect to your bank account, round up all your transactions from the past week, and transfer them all to your pocket of money managed by Plum. You can also set aside some money each week or every time you get paid. If you want to go a step further and let Plum think about your savings, the service can also automatically determine how much to save based on your income and expenses.
Users can create different pockets with different goals. For example, you can save for your next vacation or a new bike. Whenever you want to spend money on your Plum account, you can either withdraw money to your bank account or pay with your Plum debit card, but you must pay a subscription fee to get the card.
Users earn interest on their savings in the UK, but not in other markets. This is a bit disappointing as interest rates are currently rising around Europe. Savings accounts seem like an attractive product for people who don’t want to think too much about money.
Plum users can also buy and sell stocks using this service. In Europe, the startup has partnered with Bitpanda to offer cryptocurrency trading. This is very similar to the Bitpanda integration on N26 and Lydia. No need to download a separate app to start buying crypto assets.
“We are excited to bring Plum to five new countries in Europe to help people manage their finances there. This is a difficult time financially as we are experiencing and have led to cost of living challenges.The need for long-term financial resilience has never been clearer.We are committed to helping people We created Plum to help you work, so that money management is automated and wealth is managed for the future,” in a statement.
Creating a Plum account is free. By paying €2 per month, users can create more subaccounts, unlock more savings rules and get cards. Those who choose to pay €9.99 per month can access more stocks and create regular stock investment rules. Also, crypto trading has him a conversion fee of 2.5%.
Longer term, Plum could become a financial hub with access to some features and services. It acts as a companion app and a kind of mini marketplace. This strategy could turn Plum into a mainstream product with non-tech savvy people.
