Plum has raised £16m in its latest funding round, which comprises £13.4m from a mix of institutional investors and an additional £2.7m through a popular crowdfunding campaign.
According to Finextra Research, this Series B round saw participation from Greece’s Eurobank with a significant €10m minority equity investment in December.
New anchor investor iGrow Venture Capital along with existing backers Venture Friends and Ventura Capital also contributed, showcasing strong continued support from the investment community. The crowdfunding portion attracted over 5,500 investors from across the UK and EU, marking it as Crowdcube’s most notable campaign of the year.
Plum operates as a dynamic platform designed to enhance financial health. It supports over two million customers across 10 European markets. By leveraging artificial intelligence, Plum automates savings and investments, making financial management accessible and efficient. The app’s recent innovations include the launch of a Cash ISA, which has significantly amplified organic acquisition in the UK through its cost-effective appeal.
The funds from this round will be directed towards scaling the company’s operations and enhancing its product offerings. With assets under management recently exceeding £1bn—a threefold increase within a year—and revenues nearly doubling annually, Plum is strategically advancing towards its profitability target set for 2025.
The recent launch of exchange-traded funds (ETFs) in Europe and the success of the Cash ISA in the UK have been pivotal in Plum’s growth trajectory. With plans to introduce more groundbreaking products, the company is poised to elevate the customer experience further.
Reflecting on the company’s future, Plum founder and CEO Victor Trokoudes shared, “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.”
Previously, Plum had secured funding in earlier rounds, demonstrating a consistent ability to attract investment to fuel its expansion and innovation strategies.
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