A Coronavirus Update from Plum

Hey Plumsters,

It's Victor here, CEO & co-founder of Plum.

I am writing to you as we are facing exceptional times.

After a period of unprecedented global growth, the world economy has been plunged into turmoil due to the spread of Coronavirus. We haven’t seen a global pandemic like this in our lifetime so a lot of people are feeling worried about what will happen next.

While some governments are restricting travel and social interactions to curb the spread of the virus, we don’t know how long these measures will be in place for, or what knock-on effect this will have on society and the economy in the long-term.

Plum is a product that can help you save, switch and invest. Each of these pillars has been designed to help you manage your money and make you better-off over your lifetime. In light of recent events, it’s more important than ever to manage our spending and outgoings, and continue to put money aside for the future in the most efficient way possible.

What’s clear is that the last three weeks have been very testing for the market. For those of you who do invest, but as yet have never experienced a drop like this, it will feel like a shock. Even for those of us that remember 2008 or previous financial downturns, it is still very trying, both emotionally and financially. We can’t predict what will happen going forward but we will say that this not the first time the market has gone through such a crisis, and it will not be the last either.

Here at Plum, we remain committed to finding the most innovative ways for you to maintain and grow your money. We want your money to go further and we will continue to focus on building features that make you better off. We are looking forward to shortly bringing out more new initiatives to help you better manage your spend as you save, such as our diagnostics tool. This will provide you with a monthly report on how your spending compares to similar people (in terms of age or income bracket) who live in your area.

I’d like to reiterate that we are here for you throughout this time. Plum will continue to operate as normal. Our tame humans are on hand to help with any questions you have, and I also personally welcome your feedback and suggestions during this challenging period.

Thank you for your loyal support.

Victor