We are investing in Plum
I strongly believe that we are still at the early stage of the fintech revolution.
The fintech market is competitive with several innovative and well-funded players, from Neo bank to neo brokers, but I strongly believe that it is not a winner takes it all market, considering that the overall size of the EU financial market is over £10 trillions.
On the consumer size in Europe there are just a handful of fintech companies valued over $1bn, while there are over 100 traditional banks with a market capitalization of over $1bn.
The market is up for grub, and I believe that https://withplum.com has an opportunity to become a leader in the finetch space.
Hundreds of millions of people in Europe still struggle to save and invest money, particularly the youngest generation and the low-income earners.
The incumbent’s financial players (banks) have from one side limited interest in supporting people saving considering the extraordinary high fee that they charge for overdrafts, and on the other side have no internal knowledge or talent to develop useful tools for savings and investing.
Meet Plum, a super financial app, with budgeting, savings and investments tools.
Plum uses the magic of Open Banking to consolidate the different financial accounts of the users, allow them to save with auto savings functionalities, switching tools to cut major expenses, and invest through ISA Funds and SIPP.
In addition, the company will introduce soon Commission–free and fractional stock trading and crypto.
Around 70% of Plum users are less than 34 years old and 90% earn less than £50k.
The company has doubled the number of connected customers over the past year, with more than one million people across Europe saving and investing in Plum, and almost $1bn saved through the app.
At the heart of Plum’s plans following this round is the further expansion of Europe. With European offices in Athens and Nicosia, the company is due to receive regulatory approval to provide investment in the EU. This will give Plum access to US stock products for French, Spanish and Irish customers.
Plum has an opportunity to help European people to grow their wealth and be the financial partner that they never dreamt about it.