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Plum launches money management app in five more countries • TechCrunch

Fintech startup Plum doubles the number of countries where it is active. The company is launching its product in five new European countries: Italy, Portugal, the Netherlands, Greece and Cyprus.

Originally from the UK, Plum is a money management app that helps you put some money aside automatically. In this way, users can save money without any manual input. It can be especially useful for people who earn enough money to save money each month, but also tend to spend everything they have in their main bank account. In addition to its home country, Plum is currently active in France, Spain, Ireland and Belgium.

There are several ways to save with Plum. The app can connect to your bank account and complete all your transactions from the past week and transfer it all to a pocket money managed by Plum. You can also choose to put some money aside every week or when you get paid. If you want to go one step further and let Plum think about saving for you, the service can also automatically determine how much to set aside based on your income and expenses.

Users can create different bags with separate targets. For example, you can save for your next holiday or for a new bicycle. When you want to spend money on your Plum account, you can withdraw money to your bank account or pay with a Plum debit card, but you will have to pay a subscription fee to get a card.

While users in the UK receive interest on their savings, that is not the case in other markets. This is a bit of a shame as interest rates are currently rising across Europe. Basic savings accounts seem to be an attractive product for people who do not like to think too much about money.

Plum users can also use the service to buy and sell stocks. In Europe, the startup collaborates with bit panda to offer cryptocurrency trading. It works a lot like Bitpanda integrations in N26 and in Lydia. You don’t need to download any other app to buy crypto assets.

“We are excited to bring Plum to five new European countries and help people manage their finances. This is a challenging economic period as people are experiencing levels of inflation not seen in decades, leading to cost of living challenges. The need for long-term financial resilience has arguably never been clearer and we founded Plum to help people address this, to ensure your money management is automated and your wealth is taken care of for the future,” said Victor Trokoudes, co-founder and CEO of Plum in a statement.

Creating a Plum account is free. Users can pay €2 per month to create more sub-accounts, unlock more savings rules and get a card. People who choose to pay $9.99 per month can access more shares and create recurring share investment rules. There is also a 2.5% conversion fee on crypto transactions.

In the long run, Plum could become a financial hub that gives you access to various features and services. Unlike many consumer fintech startups, it’s not trying to replace your bank account. It acts as a companion app and a mini-marketplace of sorts. That strategy could make Plum a mainstream product with less tech-savvy people.

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