Fintech
Plum: London Money Management Fintech Raises $17.3M in Series B Funding
Plum, a British fintech startup, has raised $17.3 million in Series B funding.
Founded in 2017 by Victor Trokoudes, who previously worked at Wise, London-based Plum, a listed fintech, offers AI-powered services such as saving, bill switching and investing directly to users existing Bank account.
The company operates across Europe, offering ETF products and individual cash savings accounts in the UK. In November Plum has signed an agreement with the Greek bank Eurobank to purchase a minority stake in Plum, with plans to invest up to $10.9 million.
Plum’s deal with Eurobank led to this new round of institutional funding despite a “difficult” fundraising market, Trokoudes told Business Insider.
“Strategic corporate partnerships can be a catalyst for funding rounds,” he told BI. “When a fintech is set up right, higher interest rates mean you’re at the cusp of customer acquisition and revenue, opening up new avenues for growth.”
Plum had already raised $14 million Series A funding round in 2021.
This latest deal includes funding from new investor iGrow Venture Capital alongside previous backers including Venture Friends and Ventura Capital, and additional funding from Eurobank.
The company also announced that it has raised another £2.8 million, or about $3.6 million, through crowdfunding, at a pre-funding valuation of £135 million.
Trokoudes refused to comment on Plum’s valuation starting from its Series B.
The new capital will be used to hire senior staff at the company and expand its presence in Greece, where it has an office. The company is on track to be profitable in 2025, Trokoudes said.
Check out Plum’s 16-slide pitch deck below: