Plum raises £16m in Series B funding from institutional investors and crowdfunding.
The funding round was backed by institutional investors including Eurobank and iGrow Venture Capital, alongside a crowd-funding campaign.
Plum operates a personal finance application that automates saving, spending, and investing for users across Europe. The company serves over 2 million customers and maintains offices in London, Athens, and Nicosia.
Smart money application Plum has secured £16m in a Series B funding round, combining £13.4m from institutional backers with an additional £2.7m raised through crowdfunding. The round was supported by strategic partner Eurobank alongside new anchor investor iGrow Venture Capital, as well as previous backers Venture Friends and Ventura Capital.
The capital arrives following a period of strong financial performance for the company, which has seen assets under management surpass £1bn and revenue almost double year-on-year. Plum plans to use the new funds to expand its product offerings in the UK and accelerate its growth across Europe, with profitability anticipated by 2025.
From the founder
"It has been an exceptional 12 months for Plum, and this new round of funding is testament to the hard work of the team and the value we’re providing for customers across Europe. 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
Founder and CEO at Plum
Investor perspective
"iGrow is always looking for transformative ideas such as Plum’s. Making savings solutions accessible to all, not just high-net-worth individuals, is a democratisation and revolution in the industry. We are excited to see the expansion across Europe and Greece. We have full confidence in the Plum team’s capacity to keep expanding."
Anastasios Economou
Founding Partner, iGrow Venture Capital
Investors
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About the company
Plum
Plum provides a smart money application that helps users automate savings and investments.