Plum launches its money management app in five more countries • TechCrunch

Fintech startup Plum is doubling the number of countries in which it operates. 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 automatically set money aside. In this way, users can save money without manual input. It can be especially useful for people who earn enough money to save money each month, but who also tend to spend everything they have in their main bank account. In addition to its home country, Plum currently operates in France, Spain, Ireland and Belgium.

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

Users can create different pockets with separate measurements. 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 either withdraw money to your bank account or pay with a Plum debit card – but you have to pay a subscription fee to get a card.

While users earn interest on their savings in the UK, this is not the case in other markets. This is a bit unfortunate as interest rates are currently rising around Europe. Basic savings accounts seem like an attractive product for people who don’t like to think too much about money.

Plum users can also use the service to buy and sell shares. In Europe, the startup has partnered with Bitpanda to offer cryptocurrency trading. It works a lot like Bitpanda integrations in N26 and in Lydia. You don’t need to download another app to start buying crypto assets.

“We’re excited to bring Plum to five new European countries and help people manage their finances there. 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 created Plum precisely to help people cope with this, helping to ensure that your money management is automated and wealth safeguarded for the future, said Plum co-founder and CEO Victor Trokoudes 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 multiple stocks and create recurring stock investment rules. There is also a 2.5% conversion fee on crypto transactions.

In the long term, Plum can become a financial hub that allows you to access more 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. This strategy could make Plum a mainstream product with less tech-savvy people.