Smart money app Plum has successfully raised £16 million in its Series B funding round, including £13.4 million from institutional investors and £2.7 million through crowdfunding. The investment comes as the fintech startup has seen its assets under management (AUM) triple to over £1 billion in the past year.

The funding round was led by new anchor investor iGrow Venture Capital, with participation from existing backers including Venture Friends and Ventura Capital. Strategic partner Eurobank also contributed a second tranche of investment. The crowdfunding leg, conducted on Crowdcube, attracted over 5,500 investors from across the UK and EU, marking it the most popular campaign of the year on the platform.

Plum, launched in 2017, has experienced rapid expansion and now serves more than 2 million customers across 10 European markets. The company’s revenue has nearly doubled year-over-year, supported by a 40% increase in average revenue per customer.

Victor Trokoudes, Founder and CEO of Plum

“The need for a smart app that helps people grow their money throughout their lives has never been greater, and we’re already offering it to millions of people,” said Victor Trokoudes, founder and CEO of Plum. “We’re focused on what comes next and how we can help even more people maximize their money with Plum.”

The recent success of Plum’s Cash ISA product in the UK has helped it grow its organic customer base acquisition at minimal costs. Looking ahead, the company plans to enhance its product offering in the UK and expand its presence in Europe, with a particular focus on the Greek market through its partnership with Eurobank.

“Making savings solutions accessible to everyone, not just high net worth individuals, is a democratization and a revolution in the industry. We are excited to see the expansion in Europe and Greece,” commented Anastasios Economou, founding partner of iGrow Venture Capital, one of the investors in the latest funding round.

With this new capital injection, Plum aims to reach profitability by 2025, while continuing to develop new features for its growing user base.

Plum Expands European Presence

Last year the platform announced its expansion in several new countriesincluding Italy, Portugal, the Netherlands, Greece and Cyprus. Plum, a financial technology platform, provides money management services that allow retail clients to automatically set aside monthly savings. It also offers clients the opportunity to invest in stocks, with a selection of up to 3,000 commission-free U.S. stocks, and includes a VISA debit card as part of its services.

Meanwhile, Plum has formed a partnership with cryptocurrency service provider BitpandaThis partnership allows Plum to offer its customers the ability to trade major cryptocurrencies in Europe, including Bitcoin (BTC) and Ethereum (ETH).

Additionally, the company announced the appointment of Erinoula Kyrantonis as the new Head of Branding and Communications. Kyrantonis manages the positioning of the Plum brand and ensures consistency across all communication channels. He brings with him extensive brand and marketing experience from his previous roles at leading consumer brands such as Red Bull and Vita Coco.

Smart money app Plum has successfully raised £16 million in its Series B funding round, including £13.4 million from institutional investors and £2.7 million through crowdfunding. The investment comes as the fintech startup has seen its assets under management (AUM) triple to over £1 billion in the past year.

The funding round was led by new anchor investor iGrow Venture Capital, with participation from existing backers including Venture Friends and Ventura Capital. Strategic partner Eurobank also contributed a second tranche of investment. The crowdfunding leg, conducted on Crowdcube, attracted over 5,500 investors from across the UK and EU, marking it the most popular campaign of the year on the platform.

Plum, launched in 2017, has experienced rapid expansion and now serves more than 2 million customers across 10 European markets. The company’s revenue has nearly doubled year-over-year, supported by a 40% increase in average revenue per customer.

Victor Trokoudes, Founder and CEO of Plum

“The need for a smart app that helps people grow their money throughout their lives has never been greater, and we’re already offering it to millions of people,” said Victor Trokoudes, founder and CEO of Plum. “We’re focused on what comes next and how we can help even more people maximize their money with Plum.”

The recent success of Plum’s Cash ISA product in the UK has helped it grow its organic customer base acquisition at minimal costs. Looking ahead, the company plans to enhance its product offering in the UK and expand its presence in Europe, with a particular focus on the Greek market through its partnership with Eurobank.

“Making savings solutions accessible to everyone, not just high net worth individuals, is a democratization and a revolution in the industry. We are excited to see the expansion in Europe and Greece,” commented Anastasios Economou, founding partner of iGrow Venture Capital, one of the investors in the latest funding round.

With this new capital injection, Plum aims to reach profitability by 2025, while continuing to develop new features for its growing user base.

Plum Expands European Presence

Last year the platform announced its expansion in several new countriesincluding Italy, Portugal, the Netherlands, Greece and Cyprus. Plum, a financial technology platform, provides money management services that allow retail clients to automatically set aside monthly savings. It also offers clients the opportunity to invest in stocks, with a selection of up to 3,000 commission-free U.S. stocks, and includes a VISA debit card as part of its services.

Meanwhile, Plum has formed a partnership with cryptocurrency service provider BitpandaThis partnership allows Plum to offer its customers the ability to trade major cryptocurrencies in Europe, including Bitcoin (BTC) and Ethereum (ETH).

Additionally, the company announced the appointment of Erinoula Kyrantonis as the new Head of Branding and Communications. Kyrantonis manages the positioning of the Plum brand and ensures consistency across all communication channels. He brings with him extensive brand and marketing experience from his previous roles at leading consumer brands such as Red Bull and Vita Coco.

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