UK-based fintech company Plum has secured £13.4 million in funding from institutional investors, aiming to enhance its financial services across Europe. Founded in 2016, Plum’s smart money app integrates AI-driven tools to simplify personal finance management, focusing on effortless saving, spending, and investing.
In earlier funding rounds, Plum amassed substantial investments, demonstrating steady growth since its inception. The company’s use of artificial intelligence to facilitate automatic savings and diversified investment portfolios has bolstered its reputation in the fintech sector. Previous reports highlighted Plum’s success in raising capital through both institutional and crowdfunding sources, reflecting strong investor confidence in their business model.
Expansion and Innovation
Plum’s app, which automates personal finance tasks, has attracted over 2 million customers and operates in 10 European markets. The latest funding includes contributions from Eurobank, iGrow Venture Capital, Venture Friends, and Ventura Capital. Additionally, Plum raised £2.7 million through a Crowdcube crowdfunding campaign, marking it as the platform’s most popular campaign this year.
Victor Trokoudes, Plum’s founder and CEO, stated:
“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.”
Strategic Partnerships
Plum has also launched a Cash ISA product in the UK and introduced ETFs for EU customers. Partnering with Eurobank, Plum aims to significantly grow its customer base in Greece by 2027, with Eurobank facilitating the introduction of Plum’s services to its clients.
Anastasios Economou, Founding Partner of iGrow Venture Capital, commented:
“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.”
Plum’s focus on leveraging AI and innovative financial products aims to simplify money management for users, contributing to their financial well-being. The company’s strategic collaborations and expansion efforts reflect its commitment to democratizing financial services, making sophisticated saving and investment tools accessible to a broader audience.
