AI-powered personal money management app Plum has raised $3m in additional funding to fuel its European expansion.
The additional investment is a second tranche to the company’s $4.5m fundraise in May this year. The company was backed by its existing investors EBRD and VentureFriends in the fundraising with LendInvest founder and CEO Christian Faes participating.
With the latest infusion, Plum raised a total of $9.3m since its launch.
The company also launched a new Android app this week. It further adds to its digital presence, besides being available as an iOS app and as a chatbot through Facebook Messenger.
Plum started working on its Android app version following the launch of the iOS version in April 2019.
In a blog post, Plum said: “Both apps launched and stable, making us one of the very few financial AI assistants that are available across Facebook Messenger, iOS and Android.”
The Plum app on Android can be accessed using Face Unlock, Fingerprint authorisation or PIN Unlock, all subject to device compatibility.
The Android version includes all the same features including savings, investments and round-ups. The user can also interact with the AI-driven solution through the ‘Messages’ bubble on the right hand corner of the app.
Plum focuses on optimising money management for the users. It connects with the bank accounts and assesses income and expenditure patterns of the consumer using AI.
Currently, the service is said to be used by 650,000 people in the UK.