BBVA has granted £15m in venture debt to Plum, reaffirming its role as a key lender to the UK’s entrepreneurial ecosystem, which is considered to be an important region in its broader strategy.
In line with this, last October the banking institution had reportedly “set up a new team in London to strengthen its presence in Europe.”
The move follows growth in markets such as Argentina, Colombia, Spain and Mexico, where BBVA has “supported more than 1,500 clients and committed close to €600m in credit.”
Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe said:
“We are proud to support Plum’s expansion in Europe and be part of their exciting growth story. Victor and his team have a clear vision for 2025 and beyond that I believe they will execute successfully. This marks our first financing deal in the UK: a key milestone, both for the importance of the market and for the growth of our business across the continent.”
BBVA’s investment will help Plum expand its business and improve profitability with the company “aiming to sharpen its customer offering and broaden its range of products.”
Over the past year, it has launched ETFs and tax-free savings accounts in the UK, and has “grown across Europe by building AI-driven data infrastructure.”
Thanks to these developments, Plum now reportedly serves over “two million users and has helped customers set aside more than £5bn.”
Its revenue has also grown “more than fourfold over the past year.”
Victor Trokoudes, Plum’s CEO and founder said:
“We have bold plans for 2025, and this investment will help us deliver them. Inflation may be easing, but many people still face pressure from the cost of living and need tools to build financial resilience. Still, many people don’t know where to begin, or find financial products too costly and complex”.
Trokoudes added.
“Plum is changing that. We’ve already helped more than two million users take control of their finances through automation and artificial intelligence. Now, we’re building new ways to unlock AI’s full potential for financial education, and we’re eager to bring these innovations to our users. With this funding, we can take another big step forward with more powerful features and a sharper value proposition that sets us apart in the European market.”
