Plum crowdfunding on Seedrs

Plum’s completed a ‘follow-on round’, having raised $4.5m back in May and existing investors are able to participate as part of their pre-emption rights, for at least the next 7 days.

This round is being led by our existing investors EBRD and Venture Friends who are participating for a total of £2,403,463.

Venture Friends invested as part of their previous round too.

They’ve also shared some stats about their progress. I had asked about how they got to #1 in the App Store because I doubt it happened organically but they didn’t answer :thinking:

Plum has progressed since the last funding round to currently have:

  • 600k+ registered users,
  • Launched an iOS app which at one point ranked #1 in the fintech apps, currently at #15.
  • Have an Android app coming.
  • You can now save with Plum, automatically or with roundups!

But I’m not sure what those figures were before.

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400,000 users 5 months ago

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Also tons of debate about what constitutes a “user”. :joy:

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It’s a recurring theme in Fintech, when is a user actually a user :grin:

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It’s especially difficult to come up with a definition for chatbot type apps. At least banks can track how many people make a transaction on a daily, weekly, monthly basis. But if you set the bar at app opens, then is that meaningful engagement? Plum has paid services too but not the sort that you’d necessarily use very regularly :thinking:

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Indeed, I have perpetual discussions with FinTech in what classifies an “user”. They typically set the bar at whatever gives the biggest number, but my argument is that a download doesn’t constitute an user. And a one-off user isn’t really an user either.

As an example, I downloaded a zero-commission broker app, I setup and verified my account, yet I haven’t made a single trade via their platform. They classify me as an user, I would argue I am not as I haven’t used the core functionality of their platform.

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But if someone download the app, transferred £20,000, put in one order for £20,000 of s&p ETF and didn’t use it again for a year, should they not be counted as a user in the same way someone who transfers £20 per month is?

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I guess so.

Things is, however, most startups already classify someone as an user with a download or a registration, before they even use the basic functionality of the app.

It’s like taking a car for a test ride and the garage then classifying you as a buyer. There is just too much spin and hype in FinTech in an effort to whip up the FOMO amongst retail investors.

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I’m sure when they engage with their institutional investors, they will be required to provide much more detailed metrics.

So it is a matter of what the retail investor should be entitled to know versus an institutional investor. Unfortunately there is no regulation about such matter as far as I’m aware of in crowdfunding.

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