The firm has developed its own software, which is a comprehensive financial platform that uses artificial intelligence to manage everyday costs, save money, and invest in funds. Plum Fintech was created on February 1, 2016 by Alex Michael and Victor Trokoudes. Victor Trokoudes, who is also the firm’s CEO, is now working to develop the company through investment and finance.
The company is registered with Companies House and has raised a total of $23.5 million from 14 investors across seven fundraising rounds.
The company’s headquarters are in London, but it also maintains offices in Athens, Greece, and Nicosia, Cyprus.
The platform is simple and elegant, allowing clients to invest in multiple portfolios and mutual funds quickly and easily. Although the app lacks comprehensive charting and analytical capabilities, it does give a description of the fund’s performance, target returns, and risk considerations.
With a simple layout and appealing colors, the mobile savings and investing platform is intuitive and easy to use. Customers may use the app to transfer money, adjust their savings settings, invest money, and establish new accounts. The iOS app is the only way to get cashback, diagnostics, and actual balance. Plum Mobile’s Mutual Funds and ETF Investments
Customers can put their money into a variety of funds and investment portfolios. There are 12 alternatives available, each with its own level of risk, yearly growth objective, and management costs.
The funds invest in a wide range of global financial markets, from IT giants to up-and-comers, ethically minded baskets to top UK corporations. Plum distributes its clients’ investment funds to mutual fund providers, who invest them in a diversified portfolio of equities, stocks, and bonds.
Clients have complete flexibility over how they divide their assets between direct savings and investing in various funds. Your money is kept by Gaudi Licensed Services Ltd., an FCA regulated custodial service, once you have invested.
The most basic package is completely free, but it just gives you access to saved services. The minimal investment fee is £1 per month. In addition, each fund has its own management charge, which ranges from 0.06 percent to 0.90 percent.
Furthermore, the custodian company charges a 0.15 percent product supplier fee, which rises to 0.45 percent for SIPP accounts.
All fund management and service provider costs for pensions and investments are billed annually, levied regularly, and reflected instantly in your investment portfolio.
The ISA allows consumers to contribute up to £20,000 every tax year, while the GIA and SIPP have no restrictions. Bank transfers are used to make deposits, which must be between £2 and £5,000 each time. Although there is a “Quick Deposits” option that just takes a few hours, processing time is normally four business days. Withdrawals are performed in the same way as bank transfers, and funds from a savings account are processed in less than a day. Withdrawing money from an investment takes 5-7 days.
Plum has a registration number with the Financial Conduct Authority (FCA) (FRN: 836158). In line with the Payment Services Regulations 2017, the company is regulated by the FCA as a registered supplier of account information services for the conduct of payment services operations.
Plum Fintech receives its investing and switching services from Saveable Limited, another Plum Group company. The Financial Conduct Authority has also authorized and regulated this firm (FRN: 739214).
Your capital will be kept by Gaudi Licensed Services Ltd, an FCA regulated custodian, if you invest in one of the Plum Fintech funds. The company has also been designated as an electronic money distributor on behalf of PayrNet Limited, which is an electronic money institution licensed by the FCA (FRN: 900594).
Plum Fintech may be linked to your bank account to monitor your daily transactions, income or revenue, and spending automatically and calculate the best investment amount for you. Every few days, the AI-powered program evaluates to determine where the most money can be saved.The tool can lay money away for you automatically, but you may control how much it does. Crunchbase Listings of Plum Fintech USA Competitors
An Ultra account’s Max Money function also assists you in budgeting by calculating your spending based on balances, salary, subscriptions, bills, and other factors.
Any money put away manually or automatically via the Plum app may earn you passive interest by opening a savings account. Members in the Plus, Pro, and Ultra tiers earn 0.4 percent interest, while basic account holders earn 0.25 percent.Plum Fintech Money Maximiser, ISAs, GIAs, and Pensions Plum Fintech Money Maximiser, ISAs, GIAs, and Pensions
The Financial Services Compensation Scheme (FSCS) covers all savings, and Investec Bank provides the accounts.
Individual Stock and Equity Savings Accounts (ISA), General Investment Accounts (GIA), and Personal Pension with Own Investment are the three basic savings account types available to users. With a maximum contribution of £20,000 per year, ISAs allow consumers to invest tax-free in the fund. Profits or dividends from these assets are not subject to capital gains or income tax, albeit the number of ISAs that can be formed and invested in each year is limited.