London-based Plum, a smart money app, announced that it has secured £13.4M (approximately €12.32M) in a Series B round of funding. This brings the total to £16M (approximately €14.71M) raised in Plum’s Series B round.
The total funding includes £13.4M from institutional investors, with Eurobank providing a second tranche and iGrow Venture Capital joining as a new anchor investor, alongside previous investors Venture Friends and Ventura Capital.
Additionally, Plum raised £2.7M through Crowdcube’s most popular campaign of the year, with over 5,500 investors participating from the UK and EU.
Helping people do more with their money
Founded in 2016 by Victor Trokoudes, Plum is a smart money app that simplifies personal finance through automated saving, spending, and investing.
Plum claims to have witnessed “strong” performance since its 2017 launch. With over 2 million users across 10 European markets, the company’s assets under management (AUM) have exceeded £1B, tripling in the past year, partly due to the successful Cash ISA launch.
Revenue has nearly doubled year-on-year, driven by increased subscription streams and a 40 per cent rise in average revenue per customer. Plum aims to reach profitability by 2025 while expanding its product offerings in the UK to enhance its app for savers and investors.
The company is headquartered in London and has offices in Athens and Nicosia.
Capital utilisation
Plum aims to expand across Europe, having recently introduced ETFs for EU customers and partnered with Eurobank to boost growth. The app plans to acquire thousands of users in Greece by the end of 2027, with Eurobank helping to introduce Plum to its customer base.
Victor Trokoudes, Plum founder and CEO, says, “It has been an exceptional 12 months for Plum, and this new round of funding is a testament to the hard work of the team and the value we’re providing for customers across Europe.”
“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.”
Trokoudes adds, “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.”
Brief about iGrow
iGrow Venture Capital invests in innovative technologies and startups from pre-seed to Series C, focusing on fintech, healthcare/medtech, IT, and AI. The Fund’s anchor investor is HDBI, supported by the Recovery and Resilience Facility’s “InnovateNow” project.
Speaking about the investment in Plum, Anastasios Economou, Founding Partner of iGrow Venture Capital, says, “iGrow is always looking for transformative ideas such as Plum’s. Making savings solutions accessible to all, not just high-net-worth individuals is a democratisation and revolution in the industry.”
“We are excited to see the expansion across Europe and Greece. We have full confidence in the Plum team’s capacity to keep expanding.”
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