The UK-based savings chatbot Plum secures $4.5 million

London-founded startup Plum that's developed what it calls “the world’s first AI-powered personal money management chatbot” has raised $4.5 million in a funding round led by venture firm VentureFriends and the EBRD. The company plans to use the fresh capital to hire more engineers in its offices in London and Athens, as well as work on bringing the chatbot to new platforms.

Last year, Plum launched an investment product that offers its users a range of options like technology, emerging markets, and ethical companies. Earlier this year, the startup also launched the feature called Splitter, which allows to automatically invest a fixed percentage of Plum savings.

Currently, Plum is available on Facebook Messenger and as an iOS app. The startup claims that is has grown from 75,000 to 400,000 within the past year. It also states that “the average person in the UK can be better off by over £2,000 simply by saving and optimising bills,” which supposedly translates into “£186,000 better off over a lifetime if people invest just £500 a year.”