- Investment sought:
- Equity offered:
Plum is your personal money assistant that uses AI to manage your money the way you should but can't be bothered to. You connect your bank account to Plum via open banking, and we use the data to make you better off across 3 pillars of financial well-being:
- Save: Plum uses your history of transactions to save money for you automatically without any additional input from you.
- Invest (launching now): Choose from theme-based funds to express your view on world trends like Tech, Ethical companies and Emerging Markets, risk-based funds for long-term diversified investing or P2P lending for more stable return. We believe that this is the first product of this kind in UK.
- Don't get ripped off: Your bills are analysed and better and cheaper alternatives are provided. (Utilities, Loans, Credit Cards, Mortgages)
Plum has progressed since the last funding round to currently have:
- 600k+ registered users,
- Launched an iOS app which at one point ranked #1 in the fintech apps, currently at #15.
- Have an Android app coming.
- You can now save with Plum, automatically or with roundups!
This round is being led by our existing investors EBRD and Venture Friends who are participating for a total of £2,403,463. This is an investment in preference shares and is included in the 'investment already funded' amount at the top of the campaign.
The preference shares have a right to receive 1x their initial investment ahead of ordinary shareholders in the event of a liquidation, distribution of proceeds or exit. These are non participating preferred shares meaning that once 1x the initial investment is paid any surplus is distributed to the ordinary shareholders on a pro-rata basis. The preferred shares are convertible to ordinary shares; the preferred shareholder can choose to participate pro rata alongside ordinary shareholders (ie if this would give them a greater return than the 1x preference) OR receive their 1x preferential return. These shares are not eligible for EIS tax relief.
Seedrs investors will receive ordinary shares that are eligible for EIS.