Smart Money App Plum Secures £5M in Debt Financing

Smart money app Plum is reportedly launching its third crowdfunding round after acquiring £5 million in debt financing from Silicon Valley Bank.

Plum previously conducted a public campaign on Crowdcube that managed to acquire $8 million in additional capital along with a $24 million Series A investment round in November 2021.

In the intervening period, the Fintech firm has introduced commission-free investing, further  expanded into new European markets, added support for cryptocurrency trading and launched a debit card.

After all these developments, Plum has been able to grow its client base to around 1.4 million, which is nearly a 50% increase in the past year.

Victor Trokoudes, CEO and co-founder of Plum stated:

“Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition.”

As noted by its management, Plum is an app that “empowers you to put your money into action, wherever you are on your financial journey.”

You are able to “save, spend, earn and invest, in one app and with ease.” Using AI powered saving tools and investment features which “make building and diversifying your portfolio seamless, Plum has helped customers save and invest £1.2 billion.”

Launched in 2012 as a chatbot, Plum has “come a long way.” Today, more than 1.3 million trust us to support them on their financial journey. And their team is “growing too.” They’re a team of 150 situated “across Athens and London.”

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