Plum launches commission-free stock investing in the UK
Investment and saving app 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 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. Accessibility and simplicity are standards that we constantly strive to achieve, so we feel this was an important 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 seen strong adoption from first-time investors and they know that their customers want to build a more diverse portfolio, including companies that matter to them.
The addition of stock investing complements Plum’s existing choice of 12 themed investment
funds, which are linked to particular sectors or indexed against specific 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.
There is a 0.45% currency conversion markup and a small regulatory charge applied 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 has already made a strong start to 2022 with over 130,000 app downloads across Europe in January alone and it is now established as a major player in the European investment scene.
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