Plum to launch crowdfund following £5m debt financing raise


Plum, a smart money app, is set to launch its third crowdfunding round after it secured £5m in debt financing from Silicon Valley Bank.

According to Finextra, Plum last ran a public campaign on Crowdcube in November last year. The crowdfund raised $8m in fresh capital alongside a $14m Series A.

Since this time, Plum has launched commission-free investing, enabled crypto trading, expanded into new European markets and launched a debit card.

Plum has also grown its customer base to 1.4 million – an almost 50% increase – since November of last year.

Plum CEO and co-founder Victor Trokoudes said, “Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition.”

Railsr, an embedded finance FinTech formerly known as Railsbank, recently raised $46m in Series C funding.

The funding, which comes four months after the company rebranded to Railsr, is made up of $26m of equity and $20m of debt.

Anthos Capital, an existing shareholder, led the equity portion with Mars Capital, a new investor, providing the debt.

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