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 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 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.