Artificial Intelligence (AI)-powered personal money management chatbot Plum has raised $4.5m in a new funding round led by VentureFriends and the EBRD.

The latest funding round raises the fintech firm’s total funding to $6.3m.

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Money management chatbot Plum

Following the investment, Plum has expanded its engineering teams in London and Athens. The funding also helped it to pursue its multi-platform strategy.

The company also announced plans to make its chatbot available on iOS platform for free. The Android version will be launched in the coming months.

Plum chatbot utilises AI and behavioural economics to assist the customers to manage their money. The platform is designed to facilitate savings, investments and prevent unnecessary expenses.

The company further noted that the number of users grew from 75,000 to 400,000 in the last one year.

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It said that the chatbot will help the UK users to save around £2000 per person by optimising their money management.

Plum CEO and co-founder Victor Trokoudes said: “We’re making an irreversible change in finance, putting consumers firmly back in charge of their own money.

“While the traditional banking system remains geared towards keeping people in debt, Plum empowers users to easily stay on top of their finances – helping them spend less, save more, switch out of overpriced deals, and invest better than they have before.”

In October last year, Plum launched theme-based investment product in the UK.

Last month, it launched Splitter that enables people to allocate their automatic savings between Plum savings and investments in specific percentage amounts of their choice.