Plum launches recyclable, degradable debit card

London fintech firm Plum’s first move into spending though the launch of a debit card aims to help customers to budget.

Designed to complement Plum’s budgeting features and help people to track their spending, the card will initially be available to existing UK premium ‘Plum Ultra’ customers at no additional cost.

Users can load funds from a linked external bank account and from money set aside in the Plum app, and spend within their chosen allowance.

For Victor Trokoudes, CEO and co-founder of Plum, the debit card is a strategic addition to Plum’s product portfolio. “Our vision is for Plum to be the only personal finance app you need”, Trokoudes said. “The Plum Card is a huge step forward in that direction.

“We want to simplify money management for our customers at every stage in their financial lifecycle. This card will give Plum users even better visibility and control of their finances, as they can set their own spending allowances. This means they can properly compartmentalise their spending.”

Supported by a dedicated section of the Plum app, users will be able to manage the card and keep track of purchases in the same place as their savings and investments. While many banks apply additional charges when customers spend abroad, Plum allows users to spend at Visa’s daily exchange rate, with no extra fees.

The plum-coloured debit card is made up of 57% sea salt and 43% crude oil, making it less dependent on oil than other plastics. It can be recycled up to eight times, and contains a degradable material that allows the card to decompose under the right conditions - such as a compost bin.

Lia Papageorgiou, product manager at Plum, adds: “The card is amongst the Plum community’s most-requested features, and it’s been incredibly satisfying to bring that to fruition for our customers.

“With our signature Plum purple colour, customers can spend in style. As Plum aims to promote healthy habits around money management, we also wanted the materials used for the Plum Card to reflect the value of sustainable growth.”

Plum’s debit card is the latest of several new features slated for release in 2022, following on from its commission-free stock investing platform, which launched in May. The company currently has 1.3m customers and plans to build on its rapid growth by expanding its investment offerings and growing its presence throughout the EU.