Plum bags $10m in new funding round

European money management app Plum has raised $10m to fund the company’s international expansion.

Previous investor the European Bank for Research and Development returned to co-lead the raise together with Global Brain. The bank had previously joined Plum for its $4.5m round back in May 2019.

VentureFriends and the UK government’s Future Fund scheme also joined the round, TechCrunch reported.

Launched in 2016, Plum has already set up shop in the UK and in Greece. It will now use the capital injection to expand its services to Spain and France before the end of the year.

At the moment, Plum boasts of having one million users, but the company’s co-founder Victor Trokoudes has previously bragged that he is bullish about the startup’s ability to grow that number to five million users.

“We’re approaching one million users in the UK alone and will be saving users £200m by the end of the year,” Trokoudes told The Telegraph earlier this year. “Since we launched our iOS and Android apps last year, we’ve seen high rates of organic growth and expect to reach five million users by the end of 2021.”

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