App for saving and investing Plum has launched a new stock investing feature that allows customers to invest in fractional company shares, commission-free, making it one of the UK’s most competitively priced investment platforms.
For the first time ever, Plum’s customers will have access to some of the world’s best-known companies, with +500 top US businesses like Apple, Tesla, Nike and Microsoft included on the release, and another 500 firms to be added imminently.
For Plum users, this means they’ll have more freedom to balance their portfolio, plus they can build confidence in the process of investing by backing the brands that they know and trust.
Victor Trokoudes, CEO & co-founder of Plum comments: “It was important to us to offer our new stock investing feature commission-free. We strive for simplicity and accessibility, which is why we felt this was a good representation of our values.
“Ultimately, we want to help our customers make their money go further, and encouraging a balanced approach to investing is one of the most effective ways we can do this. People may think that investing is too complex or just not for them – Plum is here to give customers a helping hand with automated tools that make it simple to get started.”
The introduction of stock investing is a strategic move that is intended to help Plum consolidate its position in the investment space while moving ever closer to the company’s stated goal of becoming an all-in-one shop for its customers’ financial needs.
Victor continues: “As a teen, my parents encouraged me to invest a small amount of money so that I could learn about the value of the stock market first-hand. Even though I understood the value of long-term investing, I didn’t keep it up. Today, those shares are worth 300x the price I paid, and I wish I’d held onto them.
“We created Plum for people who want to better manage their finances – but it perhaps slips their mind, or seems like too much time or effort to figure out.”
Plum has been well-received by first-time investors. They know their customers want a wider portfolio that includes companies that are important to them.
The addition of stock investing complements Plum’s existing choice of 12 themed investment
Funds that are linked to specific sectors or index against particular stock markets. With an ISA or GIA, customers pay just £1 per month subscription and an annual average of 0.48% for fund management and platform fees.
A 0.45% currency conversion markup is applied and a small regulatory cost is added to each.
trade. As an illustration, a Plum customer buying and selling one share worth £100 would only be charged a total of £0.90 in fees.
Plum is a prominent player in Europe’s investment scene and has made a strong start for 2022. In January, it downloaded over 130,000 apps across Europe.