In Q1 2020 TikTok set a record for most downloads for any app ever in a quarter, with more than 315 million installs across the App Store and Google Play. Now, some UK fintechs are trying to take advantage of the success of TikTok for their own businesses; Moneybox, Snoop and plum started using TikTok to acquire new customers. Kévin Debien, Paid Marketing Lead at Plum, tells AltFi about their move into advertising on TikTok, “As we’re in one of the few industries that has been booming during the COVID-19 outbreak, it felt like the right time to experiment with some new channels,” he said. “And we’re happy with the results so far. It’s a good fit for us: generally an energetic, engaged audience who are curious about improving their finances,” he added. While the app is geared towards younger consumers, Snoop has seen customers in their 50s and 60s convert; the early results show that TikTok is comparable to other social media channels in both reach and acquisition of high-quality customers. AltFi.
