Fast growing money management and savings app, Plum, has launched in the Irish market.
The fintech service learns about users' income and spending habits and provides them with automated and personalised financial decisions.
It will do this here in Ireland by linking into the accounts of its users in AIB, Bank of Ireland, Permanent TSB, Ulster Bank and Revolut using technology governed by the EU’s PSD2 regulations.
Artificial intelligence is then used to put aside small amounts of money every few days, dependent on what the customer can afford.
However, if the user needs to withdraw cash from their Plum account they can do so at any point without limits or charges.
The money is then sent back to the user’s bank within five minutes.
Founded in 2016 by ex-TransferWise executive Victor Trokoudes and former TicTail executive Alex Michael the free app already has over a million users in the UK.
It has raised $19.3m in investment funding so far, including a $10m round in July.
Plum is one of a number of apps, including competitors Clip and Cleo, that provide an AI driven savings service.
Its move into the Irish market comes as savings here hit an all time high, driven by a reduction in spending due to the Covid-19 pandemic.
Plum also has a paid for service which costs €2 a month.
Plum Pro offers additional features, including a 52 Week Challenge and Rainy Days, which puts extra money into savings when it rains.
The premium service also lets subscribers save into multiple customisable pockets.
By the end of December, Pro subscribers will also be able to get cash back from certain retailers when they buy using the service.
Plum will also launch in France and Spain soon, with further expansion across Europe planned for 2021.
