The 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 via crowdfunding. The investment comes when the fintech startup has seen its assets under management (AUM) triple to over £1 billion in the past year.

Smart Money App Plum Secures £16m in Series B Funding Round

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 portion, conducted on Crowdcube, attracted over 5,500 investors from across the UK and EU, marking it as the platform's most popular campaign of the year.

Plum, which 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, bolstered by a 40% increase in average revenue per customer.

“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,” Victor Trokoudes, Plum's founder and CEO, commented. “We're focused on what's next and how to get even more people maximizing their money with Plum.”

The recent success of Plum's Cash ISA product in the UK has contributed to increased organic customer acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term at minimal cost. Looking ahead, the company plans to enhance its product offerings 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 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,” Anastasios Economou, Founding Partner of iGrow Venture Capital, one of the investors in the latest funding round, commented.

With this new infusion of capital, 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 into several new countries, including Italy, Portugal, the Netherlands, Greece, and Cyprus. Plum, a fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term platform, provides money management services that enable retail clients to set aside monthly savings automatically. It also offers the opportunity for customers to invest in stocks, featuring a selection of up to 3,000 US stocks with no commission fees, and includes a VISA debit card as part of its services.

Meanwhile, Plum has formed a partnership with cryptocurrency service provider Bitpanda. This collaboration enables 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 its new Head of Branding and Communications. Kyrantonis manages Plum’s brand positioning and ensures consistency across all communication channels. She brings a wealth of brand and marketing experience from her previous roles with leading consumer brands such as Red Bull and Vita Coco.