Plum secures £16m Series B funding and eyes profitability

The smart money app, Plum, has successfully raised £16 million in a Series B funding round. This significant sum includes £13.4 million from institutional investors and an additional £2.7 million from a highly successful crowdfunding campaign.

The institutional investors feature notable names such as Greece’s Eurobank, which contributed £10 million, alongside new anchor investor iGrow Venture Capital and existing backers Venture Friends and Ventura Capital.

The crowdfunding campaign, conducted via Crowdcube, attracted over 5,500 investors from across the UK and EU, marking it as the platform’s most popular campaign of the year.

Since its launch in 2017, Plum has experienced rapid growth, now boasting over 2 million users across 10 European markets. The company’s assets under management (AUM) have recently surpassed £1 billion, a threefold increase within just 12 months.

This growth has been significantly driven by the launch of Plum’s Cash ISA, which has facilitated greater organic acquisition in the UK at minimal cost. Revenue for the company has nearly doubled year-on-year, supported by robust subscription streams and a 40% increase in average revenue per customer.

Victor Trokoudes, Plum’s founder and CEO, said, “It has been an exceptional 12 months for Plum, and this new round of funding is testament to the hard work of the team and the value we’re providing for customers across Europe. The need for a smart app that helps people grow their money for life has never been stronger, and we’re already delivering this to millions of people.

“But we don’t rest – we’re focused on what’s next and how to get even more people maximising their money with Plum. 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.”

Plum is on track to achieve profitability by 2025, a significant milestone that underscores the company’s strategic vision and operational efficiency. The recent funding will be instrumental in scaling operations and enhancing product offerings.

The company plans to expand its market presence in Europe, with a particular focus on Greece, where it aims to reach hundreds of thousands of customers by the end of 2027. The strategic partnership with Eurobank will play a crucial role in this expansion, as the bank will introduce Plum to its customer base.

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 democratization and revolution in the industry. We are excited to see the expansion across Europe and Greece. We have full confidence in the Plum team’s capacity to keep expanding.”

• Read more under:
• BankingTech
• Digital Banking