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Peer2Peer Finance News | July 21, 2017

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AI savings platform launches £700,000 crowdfunding campaign

AI savings platform launches £700,000 crowdfunding campaign
Marc Shoffman

AN ARTIFICIAL intelligence platform that has partnered with RateSetter to help people save and invest is looking to raise £700,000 through crowdfunding.

The fintech firm, Plum, has launched a crowdfunding campaign on Seedrs, to build its team and platform.

Plum connects to a user’s current account and regularly analyses their transactions with an algorithm to learn spending patterns, bills, and income.

Based on this data, Plum calculates a “safe” amount of money that the user can afford to save every few days, which is automatically transferred into the user’s Plum savings account.

Read more: RateSetter partners with Facebook chatbot Plum

They can then choose whether to keep it in the Plum account, run by Barclays, or invest with RateSetter based on its rolling market return of three per cent. Other partnerships will be launched later.

Users can control the level of savings directly and make withdrawals by communicating with the chatbot through Facebook Messenger and can also use the service to switch energy provider and search for a mortgage.

“Not only are young people struggling to pay rent and meet the bills, but also having a savings habit requires commitment, planning and being prepared for the future,” said Victor Trokoudes, co-founder of Plum.

“Many young people can find this boring.”

The project has already raised more than £380,000 as of this morning.

Read more: RateSetter: Savers prefer better returns to more protection

Read more: Household savings rate hits record low