Plum

The AI assistant that grows your money.

6 followers

The AI assistant that grows your money.

6 followers

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Plum is the AI Assistant that boosts your bank balance. Set more money aside, invest in what matters to you, and save money on bills.Plum then sets money aside for you, invests it for your future, and stops you being overcharged on bills. All without you having to think about it too hard!

Launch tags:Productivity•Fintech•Robots

Launch Team

ReplayAutonomous app testing for teams who ship at AI-speed

Promoted

Started out using Plum a couple of months back but cancelled because other services in the space were offering interest on my savings. While it's good to hear that this has now been adopted, the risk associated with investing my money rather than a guaranteed return is tough to swallow. Or am I getting it all wrong?

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9yr ago

Plum

Maker

@stevenjmesser Hey Steve, thanks for the feedback! A standard instant-access saver account in the UK (which is the closest comparison to Plum's account) offers, on average, 0.15% interest so in absolute terms it's miniscule. Couple that with the fact that Plum money is held as e-Money (which means that we get no interest either) we decided that it's a more sustainable business model at this point for us to partner with other established companies for interest vs giving interest from our own money. While not a guarantee for the future, RateSetter has been around for 8 years now, invested ~£2 billion and no investor has ever lost money.

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9yr ago

@alexis_michael Thanks for the response, Alex, it's good to hear your thinking. Right after posting this I was reminded of RateSetter's rolling market account which has a monthly interest payout of 3%. Is this what Plum will use now or will there not be a monthly return? I only ask because the introduction of this feature is the reason I might come back!

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9yr ago

Plum

Maker

@stevenjmesser Yes, exactly, your savings will be allocated to the Rolling Market.

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9yr ago

@alexis_michael Fantastic! Looks like I'll have to come back then...

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9yr ago

Plum

Maker

@stevenjmesser We'd be very happy to have you back!

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9yr ago

Plum

Maker

Hey all, I’m Alex, co-founder & CTO at Plum. Excited to be here – can't wait to hear your feedback and respond to your comments. Bram, thanks for the hunt! Plum is a savings assistant that lives in Facebook Messenger. It links to your bank account (🇬🇧 only for now), monitors your spending and sets money aside for you, automatically. We’ve also just announced our partnership with RateSetter, one of the UK’s leading P2P platforms, so you can invest part (or all, even) of your Plum savings and start earning 3% interest. PS: If you sign up coming from PH, you can skip all the queues and start investing as soon as the RateSetter integration goes into beta 🤗 PS2: Plum is UK-only for now!

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9yr ago

NoComNotion

@alexis_michael sweet! Been looking for something like this

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9yr ago

Plum

Maker

@efosaso Thanks Efosa!

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9yr ago

@alexis_michael a quick one before jumping on your website to read the tees n cees, where my money is "tucked"?

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9yr ago

Plum

Maker

@mirmayne Hey Daveyon, your money is administered as e-Money by MangoPay, an EU-licensed financial institution and held at Barclays.

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9yr ago

@alexis_michael splendid 😉

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9yr ago

The Nifty

So it seems like basically you are investing money in a P2P platform (like LendingClub, for example) and just taking the split on the interest? This is in exchange for immediate liquidity, correct? Pretty smart!

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9yr ago

Plum

Maker

@allnick Hey Nick we just think that as people start to accumulate savings via Plum they should have a place to put them that will earn them interest and have liquidity.. P2P works for that. And yes you are right liquidity is pretty much instant given depth of the marketplace but not guaranteed.. Good to hear you like it!

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9yr ago

Looks good, i started using it, but after being victim of a scam lately i decided to check out the terms - Section 12 is super-scary - what financial protections are in place to make sure i don't lose my money?

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9yr ago

Plum

Maker

@danmatthews Hey Daniel good to hear some skepticism. So your money sits with our partner MangoPay which is regulated as an eMoney institution. This means that your savings remain at MangoPay till you withdraw them from Plum. eMoney rules stipulate that your money is ring-fenced from the operations of MangoPay, Plum and our partner bank, ie it can't go anywhere!

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9yr ago

Your sign-up process needs to provide better user feedback. It keeps saying error but doesn't tell me specifically what I need to do.

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9yr ago

Plum

Maker

@steven_harries Hi Steven, Plum is UK only currently, apologies.

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9yr ago

Plum

Maker

@steven_harries Thanks for the feedback! Definitely, our error messages are less than stellar in some cases :) As Victor said, we've focused on building the UX for UK users so far, but we will be fixing that.

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9yr ago

@victor_trokoudes @steven_harries Perhaps removing the country drop down menu or allowing for user sign up outside the UK? I'd love to at least get on a waitlist for the US :)

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9yr ago

@hthrjns @victor_trokoudes agree with Heather. Plum looks like an excellent product. All I meant was from a UX perspective is to at least provide exact feedback why US users can't sign-up within the signup process. It's a simple fix. All the best and will be looking out for the US release. Good luck!

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9yr ago

Using Facebook messenger raises a few security concerns. Do you require additional authentication beyond the standard Facebook messenger login to interact with the bot? If somebody has access to my facebook messenger (eg. forget to log out on someone else's laptop) can they browse all historical interactions in the messenger thread and interact with the bot to check account balance & invest plum savings?

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9yr ago

Plum

Maker

@pdffy Hey Peter, thanks for your comment! For now we're relying on Messenger for chat authentication but we're already working on adding a second layer of security. It's a bit tricky to get it right on the bot without it being too cumbersome on the user experience. If you have thoughts on the matter, I'd love to hear them at alex@withplum.com :)

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9yr ago

I use Digit with similar functionality. They are text based and recently launched on FBM. Is there a better value prop for me to use Plum over them?

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9yr ago

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