Plum expands investment offering to 3,000 stocks

Smart money app Plum has expanded its investment offering to 3,000 US stocks. This means it now provides one of the broadest ranges of equities among commission-free investment platforms.

The addition of 2,000 new stocks give customers the opportunity to buy fractional shares in companies such as Sony Group, Airbnb, Duolingo and Credit Suisse from just £1. Customers across the UK and EU will have access to the new stocks.*

Elise Nunn, Plum’s product manager for Trading and Automation, comments: “The addition of new stocks comes at an important time, as people are looking to improve their money management in the coming year.

“Having a broad range of investment options available has always been crucial to the Plum offering, so we’re delighted to be now offering this enhanced and very competitive array of companies to invest in.”

Plum launched stock investing on its app last year, following the success of its automated passive investing function for funds. 2023 looks set to be a big year for the development of Plum’s investment offering, with the company intending to add watchlists and price alerts for stocks in the coming months.

Later in the year, Plum is also looking at adding news functionality to its investment products and offering ETFs for customers in the EU.

Elise Nunn adds: “The goal is to make building a balanced and diversified portfolio accessible for everyone, backed by helpful educational tools. By offering such a broad range of stocks alongside funds, we’re making it easier for people to invest in the companies that matter to them, and make their money go further by taking a balanced approach over the long term.”

Since the launch of stock investing, Plum customers have remained supportive of big tech, with 6 of the top 10 most popular stocks being tech giants, while the Tech Giants fund was also the most popular among passive investors.

Household names also proved popular choices, with Etsy, Disney and McDonalds proving strong choices. Female investors especially liked Etsy, an online marketplace for handmade items, for whom it was the 4th most popular stock. Meanwhile, Meta and Nvidia proved the most popular choice for male investors.

Etsy, Disney and BP are more prominent for older investors (35 years upwards), while younger investors aged under 25 like McDonalds and Ford. Large tech companies such as Meta and Google were less popular outside London, while Ford and Disney were more popular in the capital.

Elise Nunn comments: “Our customer base tends to be younger and more diverse than the typical investor, so it’s no surprise that they’ve opted for tech stocks in their first foray into stock investing at Plum. They want to invest in what they know and what matters to them, and as digital natives, tech is an obvious choice. With our expanded range, it will be interesting to see if there are any major changes to our most popular stocks.”

By Mark Adair – Correspondent, Bdaily

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