Plum launches Spend Tracker feature

Thursday 18 January 2024 12:03 CET | News

UK-based smart money app Plum has launched a new Spend Tracker capability that supports its customers in navigating the cost-of-living crises. 

Available to Ultra and Premium members, the newly added feature automatically classifies a user’s outgoings and displays them as a percentage of overall spending. The Spend Tracker capability comes as part of the app’s redesigned Spend tab and breaks down a customer’s spending over the previous two months so they can compare and spot possible savings opportunities.

UK-based smart money app Plum has launched a new Spend Tracker capability that supports its customers in navigating the cost-of-living crises.

Spend Tracker’s capabilities and objectives

According to Plum’s officials, the launch of the new features intends to support individuals in better managing their budgets in the current economy. While descending, inflation in the UK is still high and increases the cost of everyday consumer goods and services. The Spend Tracker feature comes as an addition to the bill tracker that automatically detects recurring payments and shows what was paid and what is left to pay. The company introduced the Spend Tracker to allow its customers to visualise a breakdown of their spending and help them in removing the issues that come with budgeting.

By merging the redesigned Spend tab with the feature, Plum focuses on enabling its customers to better understand their finances and make informed decisions about their spending and savings. Moreover, the launch supports the company’s commitment to maximise its customers’ wealth and assist them in budgeting their finances. The newly launched savings feature follows the introduction of several wealth-building products from Plum, including the launch of Plum Interest  in September 2023. Plum Interest is a product aimed to allow customers to benefit more directly from higher central bank rates and to increase returns on cash. At that time, the solution could be leveraged by customers in the UK, France, Spain, Italy, the Netherlands, and Ireland, with them being able to hold their funds in government-backed assets that reflect the respective interest rates provided by central banks. The company designed Plum Interest to offer a location for individuals to hold their money rather than remain dormant in low-interest accounts, as it merged higher rates with daily returns.

Furthermore, Plum plans to continue to expand its ISA offering with both a Cash ISA and a Lifetime ISA later in 2024.

Plum’s recent developments

With its solutions, Plum aims to enhance wealth-building by automating parts of personal finance that individuals may find difficult or time-consuming. The company currently has 1.7 million customers across the UK and EU and supports them in saving, investing, budgeting, and managing their spending. In addition to the newly added features, Plum also entered a collaboration with Eurobank at the beginning of December 2023. Through this partnership, the company intended to provide customers with a fully digital wallet focused on savings and investments, as well as to support its development in Greece and surrounding markets.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: product launch, investment, banking, online banking, personal finance management, wealth management
Categories: Banking & Fintech
Companies: Plum
Countries: United Kingdom
This article is part of category

Banking & Fintech


Discover all the Company news on Plum and other articles related to Plum in The Paypers News, Reports, and insights on the payments and fintech industry: