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Fintech startup Plum has raised £1m from more than 3,700 investors only eight hours after launching its crowdfunding campaign.

Founded in 2016 by a former employee of the global money transfer app Wise (formerly TransferWise), Plum is a self-described “smart money app” that uses AI to automate aspects of personal finance.

While the app offers a number of finance features, one of the predominant offerings is automated saving, in which the app analyses a user’s financial data through open banking to make automatic savings and investments.

Having previously raised £18m in a funding round from DMG Ventures among others back in November 2021, Plum has since launched a campaign on the crowd investment service Crowdcube.

It has passed the initial target of £1m and will continue crowdfunding for the next five days. It is Plum’s third crowdfunding round.

“I want to thank our 3,700 investors for joining Plum in its journey with this new round of crowdfunding,” said Plum co-founder and CEO Victor Trokoudes.

“Plum has worked hard to deliver its promises in 2022, bringing major new features to its app, from introducing commission-free investing and a debit card, to expanding into new European markets and enabling cryptocurrency trading.”

The crowdfund comes a week after Plum secured £5m in a debt funding round led by Silicon Valley Bank.

Based in the UK, Plum is looking to use its new funding to further expand its European business.