Plum, an AI-powered personal savings Facebook chatbot, has raised $500,000 in a Seed round led by 500 Startups‘ microfund.
The round also drew support from a number of entrepreneurs, including Demetrios Zoppos, co-founder of One Fine Stay; and Roy Tuvey and Eldar Tuvey, who founded ScanSafe, which is now part of Cisco.
Primarily targeting millennials, Plum’s algorithm can analyse any UK current account. It then calculates a small amount of money to save every few days, which is transferred into an individual’s Plum savings account.
Users can talk with the Plum on Messenger, asking it to save more money or withdraw money from their savings.
Victor Trokoudes, co-founder at Plum, commented: “Ultimately, our aim is to enable every person in the UK to put money aside, whether that’s just enough for a rainy day, or for something substantial like a house deposit.”
The firm plans to use the money to expand its team and continue to build more features for its users.
“Behavioural science tells us humans are not wired to save; instead, we actually prioritise our current desires over future goals. Plum’s intelligence sidesteps our pre-programmed human tendencies, ensuring our future selves are looked out for,” he concluded.