London-based Plum, a smart money app designed to simplify personal finance through automated saving, spending, and investing, has raised €14.7 million (£13.4 million) in a Series B funding round. This brings the total raised in Plum’s Series B to €16 million (£14.71 million).
The funding round was led by institutional investors, including Eurobank and iGrow Venture Capital, alongside previous investors Venture Friends and Ventura Capital. Additionally, the firm raised €2.7 million through Crowdcube’s most popular campaign of the year, with over 5,500 investors from the UK and EU participating.
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Expanding User Base and Market Reach
Founded in 2016 by Victor Trokoudes, Plum has grown significantly since its 2017 launch. With over 2 million users across 10 European markets, the company’s assets under management (AUM) have exceeded £1 billion, tripling in the past year. This growth is partly due to the successful launch of the Cash ISA, which contributed to nearly doubling the company’s revenue year-on-year. The company aims to reach profitability by 2025 while expanding its product offerings in the UK to enhance its app for savers and investors.
Strategic Goals and Future Developments
The newly acquired capital will be used to expand Plum’s presence across Europe. Recently, the company introduced ETFs for EU customers and partnered with Eurobank to boost growth. The app aims to acquire thousands of users in Greece by the end of 2027, leveraging Eurobank’s customer base for introductions.
Victor Trokoudes, Plum’s founder and CEO, highlighted the company’s progress: “The past 12 months have been exceptional for Plum, and this new round of funding is a testament to our team’s hard work and the value we provide to customers across Europe. The need for a smart app that helps people grow their money has never been stronger. We’re focused on what’s next and how to get even more people maximizing their money with us.”
Backing from iGrow Venture Capital
iGrow Venture Capital, known for investing in innovative technologies and startups from pre-seed to Series C stages, played a significant role in this funding round. Anastasios Economou, Founding Partner of iGrow Venture Capital, expressed confidence in Plum’s potential: “iGrow is always looking for transformative ideas like Plum’s. Making savings solutions accessible to all, not just high-net-worth individuals, is a revolution in the industry. We are excited to see the expansion across Europe and Greece and have full confidence in the team’s capacity to keep growing.”
With this substantial investment, the startup is poised to further enhance its smart money management services, expand its user base, and achieve profitability while continuing to innovate in the financial technology sector.
