Plum, a “smart money app,” has raised £16 million in Series B funding, according to a note from the company.
Pum said the capital infusion follows a period of solid growth. Assets under management have topped £1 billion, tripling in the past 12 months. Plum reports over 2 million customers using its app in ten European markets.
Subscription streams reportedly have grown by 40%.
Plum highlighted its Cash ISA, which launched in March in the UK, as helping to drive utilization.
Revenue is said to have doubled with profitability expected in 2025.
Plum has also leveraged investment crowdfunding, having raised £2.7 million from smaller investors in a securities offering listed on Crowdcube. The crowdfunding round was Crowdcube’s most popular offering so far in 2024, with over 5,500 investors from both the UK and EU backing the company.
Plum said it had raised £13.4 million in funding from institutional investors, including a second round of investment from strategic partner Eurobank.
New investors include iGrow Venture Capital, who joined alongside previous investors, including Venture Friends and Ventura Capital.
Plum recently launched ETFs for EU customers and has partnered up with Eurobank to accelerate its growth in the region.
Victor Trokoudes, Plum founder and CEO, said the new round of funding is a testament to the hard work of the team and the value they are providing for customers.
“The need for a smart app that helps people grow their money for life has never been stronger, and we’re already delivering this to millions of people.” But we don’t rest – we’re focused on what’s next and how to get even more people maximising their money with Plum. Following the success of Cash ISA in the UK and ETFs in Europe, we’re well-placed to reach profitability which is a major and important milestone for us. And we have game-changing products in the pipeline that will take our app to the next level for customers. It’s a really exciting time.”
Anastasios Economou, Founding Partner of iGrow Venture Capital, described Plum as a transformative idea. He said that Plum is making savings solutions accessible to all, not just high-net-worth individuals.
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