London-based Plum, a personal savings assistant solutions provider, announced on Friday that it has secured £1M (approximately €1.15M) from investors in the first eight hours of its crowdfund.
The campaign is being hosted on Crowdcube, an equity crowdfunding platform, and is available to both UK and European investors. More than 3700 investors have participated in the crowdfunding campaign so far.
The investor’s nationalities span the UK, Greece, Cyprus, France, Bulgaria, Belgium, and Spain. Further share allocation has been made available and crowdfunding is still open to new investments for five more days.
What does Plum offer?
Founded in 2016 by Victor Trokoudes, formerly of Wise, Plum is a developer of personal savings assistant solutions for customers. Plum’s smart money app monitors daily spending and automatically sets money aside that the user won’t need.
The company does that by analysing the account to learn about the income, expenses, and spending patterns, monitoring the current account and transferring some money from it to the user’s Plum savings every few days. Plum also notifies the users about their balance.
The company has over 1.4 million customers across the UK and EU, helping them set aside more than £1.4B. Plum is headquartered in London, UK, and has offices in Athens, Greece and Nicosia, Cyprus.
In October 2021, the company raised $14M in a Series A round and witnessed its customers double in the last year – with more than 1 million people all over Europe saving and investing through Plum.
Speaking on the recent crowdfunding, Trokoudes says, “Plum has worked hard to deliver its promises in 2022, bringing major new features to its app, from introducing commission-free investing and a debit card, to expanding into new European markets and enabling cryptocurrency trading. As we look towards the future, we are eager to push even stronger features, winning in the European market with our standout proposition.”
Plum is raising funds this year to accelerate its expansion into Europe, refine its products further to best serve its customers’ needs, and build an even faster, more cohesive app. It recently announced securing £5m in financing from Silicon Valley Bank UK. The Bank joined existing seasoned investors and financing partners dmg ventures, VentureFriends and Global Brain in supporting the fintech to grow and scale.