Plum secures £7.8m Series B funding from Global Brain, EBRD, and VentureFriends to expand across Europe.
The round was led by Global Brain and the European Bank for Reconstruction and Development to fuel product development and international growth.
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.
Plum has secured £7.8m in a Series B funding round backed by Global Brain, the European Bank for Reconstruction and Development, and VentureFriends, alongside matching funds from the UK government Future Fund. The capital injection will support the company as it expands its footprint across Europe and develops its application into a comprehensive financial assistant. The raise comes amid a surge in consumer saving and automated financial management through the platform during the coronavirus pandemic.
Alongside the financing, the company introduced several product updates, including a feature allowing users to link all external bank and credit card accounts for a complete financial overview. Plum is also introducing interest-bearing accounts to reward savers alongside its established automated wealth-building tools. The fintech currently serves over one million users and aims to scale its team while launching in new European markets such as Spain and France.
From the founder
"Plum is becoming the one single app for all your financial needs"
Victor Trokoudes
Founder and CEO at Plum
Investor perspective
"More users have started using fintech apps and personal financial management apps across the globe, to be more efficient and be better off. Among these fintech apps, Plum has a very unique position and very bold ambition to be a partner of individuals to save more money and manage their financial life in an easier and more effective manner. Particularly, this kind of financial life management is demanded in the current global pandemic timing and the world of post COVID. Also, we are very impressed by Victor and his team who clearly see what the future of personal finance should look like. Therefore, we, Global Brain, see huge potential in Plum and will continue leveraging our resources to support Plum to grow to the go-to app of your financial life management."
Naoki Kamimaeda
Partner and Europe Office Representative, Global Brain
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Naoki Kamimaeda
Global Brain
European Bank for Reconstruction and Development
VentureFriends
Future Fund
Categories
About the company
Plum
Plum provides a smart money application that helps users automate savings and investments.