$4.5m investment leads to launch of Plum AI chatbot

An AI-powered money management chatbot is launching today on iOS after securing $4.5m in investment funding.

In an investment round led by venture firm VentureFriends and The European Bank for Reconstruction and Development (EBRD), London-founded chatbot Plum raised $4.5m bringing its total investments to $6.3m.

Plum’s technology uses artificial intelligence and behavioural economics to help users manage their finances and encourage better spending and saving habits.

As a result of the funding, the firm has expanded its engineering teams in its London and Athens offices ahead of the chatbot launch today, and has plans to invest in its multi-platform strategy and expand into new markets.

Plum CEO and co-founder Victor Trokoudes commented: “We’re making an irreversible change in finance, putting consumers firmly back in charge of their own money.

“While the traditional banking system remains geared towards keeping people in debt, Plum empowers users to easily stay on top of their finances - helping them spend less, save more, switch out of overpriced deals, and invest better than they have before.”