British fintech Plum will deploy an equity trading function in Ireland in the coming months.
he money management and savings start-up this week launched a crowdfunding campaign to raise capital to get into equity investing. It entered the Irish market late last year with its core product as part of a European expansion.
Managing Director Victor Trokoudes said the latest feature will allow users to invest in US stocks. Its launch is scheduled for early 2022.
âHelping people grow their money is important and that is why we are launching a line of investment products. But what’s important to us is that it has to do with a continuing habit of putting money aside, âhe said.
This feature will put Plum in competition with stock trading apps such as Bux, which recently entered the Irish market, and Freetrade, which intends to do so as well.
âThe big difference is that we see ourselves as the one stop shop you go to to save, invest and grow your money,â Trokoudes said.
Other products in development from Plum include the Plum Card, a payment card that syncs with its savings product to help users manage their money.
After entering the Irish market last year, Plum said it was targeting 300,000 users by the end of 2021.
âWe are a little behind what we wanted to be because we also planned to launch the investment product a little earlier. We think we’ll hit around 300,000 early next year, in the first three months, âTrokoudes said.
âI think these are the basic features that people (in Ireland) really like, it’s a combination of the thoughtless saving ability by connecting your bank account.
âIt’s a major driver of user growth and on top of that, a lot of people love that we can now connect multiple bank accounts and see their balances in one place. It is the automation and consolidation of all information under one application that resonates.