Money Management App Plum Plans Return to Crowdfunding to Raise Growth Capital

Plum, a money management app, says it is returning to crowdfunding with a forthcoming securities offering on Crowdcube, according to a company release.

Back in 2019, Plum raised £2.47 million at a pre-money valuation of £14.5 million on Seedrs. In 2018, Plum raised £1 million at a pre-money valuation of £8 million. Plum said this new offering will go live at the end of September. While the deal terms are not yet available, Plum is currently accepting emails to indicate potential investor interest in supporting the firm. Plum indicated that it expects its valuation to triple as it partners a crowdfunding round alongside institutional investors.

Overall, Plum reports that it has raised $19.3 million to date, with the last funding round in July 2020 that included the backing of Global Brain, the EBRD, and Venture Friends. The company expects to be supported by Truelayer’s CEO & co-founder Francesco Simoneschi and ComplyAdvantage’s CEO & founder Charles Delingpole.  Plum, has also received the backing of LendInvest’s Christian Faes in the past.

Victor Trokoudes, Plum’s co-founder and CEO, launched the company in 2017. Trokoudes previously was head of international at Wise (formerly Transferwise). Since its founding, Plum says it has helped nearly 2 million people across Europe to manage their finances with registered customer numbers on track for 2.5m by the end of the year.

Plum said it has seen +240% growth in assets under management year-on-year since June 2020. During the first half of 2021, Plum launched in France, Spain, and Ireland and now 20% of new customers originate from outside of the UK.

Plum said it is planning its first stock investing product, which will allow customers to invest in individual companies alongside their diversified mutual funds.

A Plum card is currently in development by the company.

Trokoudes said that crowdfunding has played a key part in Plum’s success in the early days.

“Back then, Plum was a simple chatbot, but we had a great community from the start who were keen to support us financially as well. The past few years have all been about validating our business model and realising our vision for a financial super app. Now, we’re ready to scale and the time feels right to share our success again with the people who made it possible – the customers. 2020 has been big and 2021 will be even bigger with our army of shareholders by our side.”

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