UK fintech Plum has raised £13.4 million in funding from institutional investors, bringing the compani’es funding to over £73 million.
Founded in 2016 by Victor Trokoudes (ex-Wise), Plum’s smart money app automates parts of personal finance that people find difficult or don’t have time for, with effortless saving, empowered spending and accessible investing. Leveraging AI-powered tools for saving and s investment features that simplify portfolio creation and diversification, Plum has helped its customers achieve a collective savings and investment total of £1.2 billion.
The company has more than 2 million customers who are using the app to seamlessly set money aside in 10 markets across Europe.
Investors included Eurobank. iGrow Venture Capital, Venture Friends, and Ventura Capital.
The company has also raised an additional £2.7 million via crowdfunding in Crowdcube’s most popular campaign of the year, with more than 5,500 investors from across the UK and EU participating. This brings the total to £16 million raised in Plum’s Series B round.
In March, Plum launched a Cash ISA (Individual Savings Account) in the UK. and recently launched ETFs for EU customers and partnered up with Eurobank to accelerate its growth in the region.
The app’s goal is to reach hundreds of thousands of customers in Greece by the end of 2027. As part of the strategic cooperation of Plum with Eurobank, the latter will introduce Plum to its customers.
Victor Trokoudes, Plum founder and CEO, comments:
“It has been an exceptional 12 months for Plum, and this new round of funding is a testament to the hard work of the team and the value we’re providing for customers across Europe.
Following the success of Cash ISA in the UK and ETFs in Europe, we’re well-placed to reach profitability which is a major and important milestone for us. And we have game-changing products in the pipeline that will take our app to the next level for customers. It’s a really exciting time.”
Anastasios Economou, Founding Partner of iGrow Venture Capital added:
“iGrow is always looking for transformative ideas such as Plum’s. Making savings solutions accessible to all, not just high-net-worth individuals, is a democratisation and revolution in the industry. We are excited to see the expansion across Europe and Greece.”
