UK money management app Plum raises £16.1m investment
Plum has secured a fresh investment totalling £16.1 million following a period of “strong performance” for the UK-based money management app.
Plum raises £16.1m to power product development
The investment is comprised of a £13.4 million Series B funding round supported by Eurobank, Venture Friends, Ventura Capital and new investor iGrow Venture Capital.
This is the second tranche of investment Eurobank has delivered for Plum, following a previous £8.4 million (€10 million) investment and subsequent partnership in December.
In addition to the round, Plum has also landed £2.7 million via a Crowdcube crowdfunding campaign, said to be the “most popular campaign of the year, with more than 5,500 investors”.
This figure is larger than the £1 million raised through its last crowdfunding campaign in October 2022, but far smaller than the £6.2 million ($8 million) it secured through Crowdcube in December 2021 in conjunction with a £12.3 million ($16 million) Series A.
Reflecting on the continued upward trajectory of the company’s investor appeal, Victor Trokoudes, founder and CEO of Plum, comments: “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.”
“But we don’t rest, we’re focused on what’s next and how to get even more people maximising their money with Plum,” continues Trokoudes, hinting that the app, launched in 2017, has “game-changing products in the pipeline” to achieve this endeavour.
His comments reference Plum’s claims to have “almost doubled” its year-on-year revenues as of March, with its assets under management (AUM) now surpassing £1 billion.
The company’s statement cites the arrival of its “highly competitive” Cash ISA product and ETFs earlier this year as a catalyst of its positive financial results, placing it on track to achieve profitability by 2025.
