8th December, London, UK: Smart money app Plum has been authorised as an EMI (Electronic Money Institution) by the UK regulator, the Financial Conduct Authority.

The AEMI license will allow Plum to hold and distribute electronically stored funds as well as offer a full suite of financial services. This includes transferring funds, direct debit card payments, and sending money domestically without the need for a partnership with a third party. 

This announcement is the latest stage in Plum’s evolution as a holistic personal finance app, enabling it to get closer to its customers.

Victor Trokoudes, Founder & CEO at Plum, commented:

“This is a huge milestone for us at Plum, giving us enhanced controls and enabling a simpler customer journey. Millions of customers already use our products, specifically our range of ISAs and automations, to help them manage and grow their money. 

“Now, we’re able to broaden our services further and offer new features to make managing their money a seamless experience. Securing this licence is testimony to the investment we’ve made in our back-end processes, risk management controls and building a top-class compliance function.”