London-based, Smart money investment App Plum raises £13.4 in a funding round.
The round was raised from institutional investors, including a second tranche of investment from strategic partner Eurobank. Along with prior investors Venture Friends and Ventura Capital, new anchor investor iGrow Venture Capital has joined the round.
In addition, the business successfully raised an extra £2.7 million through crowdfunding in the most well-liked campaign of the year on Crowdcube, which attracted over 5,500 investors from the UK and EU. With this, Plum’s Series B round has raised €19 million.
The business had been performing well before the financing was obtained. Since its 2017 launch, the company has experienced remarkable development; today, over 2 million users in ten European nations use the app to set money aside easily.
The company’s assets under management (AUM), which tripled in a year, recently exceeded £1 billion. The success of Plum’s fiercely competitive Cash ISA, which debuted in March and has allowed for more organic UK acquisitions at minimal or no expense, contributed to this surge.
The company’s income has nearly doubled annually thanks to strong subscription streams, which have seen an average revenue per client increase of 40%*. Plum’s revenue has increased, and the increase in AUM has also helped the company approach profitability by 2025.
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Following the success of its Cash ISA, Plum will continue to expand its product line in the UK in the interim to give the most comprehensive app available for investors and savers.
Plum just introduced ETFs for EU consumers and partnered with Eurobank to speed up its expansion in the region. The company has big intentions for the rest of Europe as well. By the end of 2027, the app hopes to have hundreds of thousands of users in Greece. Plum and Eurobank have a strategic partnership, and the latter will introduce Plum to its clientele.
Plum founder and CEO Victor Trokoudes said:
“It has been an amazing 12 months for Plum, and this new round of funding is a testament to the hard work of the team and the value we’re providing for customers across Europe. There has never been a greater need for a smart app that helps people increase their money for life, and millions of people have already benefited from it.”
Trokoudes continued:
“Our attention is on the future and how to help even more people use Plum to maximize their financial potential. With the success of the Cash ISA in the UK and the ETFs throughout Europe, we’re in a good position to turn a profit, which is a significant and crucial milestone for us. Additionally, we’re working on revolutionary goods that will elevate our app’s user experience for consumers. It’s an incredibly amazing moment.”
iGrow Venture Capital’s Founding Partner, Anastasios Economou, stated:
“iGrow is always looking for transformative ideas like Plum’s. In the realm of financial solutions, democratization, and revolution are achieved through making them available to everyone, not just wealthy individuals. The expansion throughout Europe and Greece excites us. We are completely confident in the Plum team’s ability to grow.”
