Plum eyeing up SE Europe growth with Eurobank backing

Plum eyeing up SE Europe growth with Eurobank backing

Plum has strengthened its presence in the Greek payments sector via a partnership with Eurobank, one of the country’s biggest financial institutions.

The partnership sees Eurobank make a minority investment in Plum of €10m, with the first tranche of €5m already completed, set to be followed by a second tranche of €5m in Q1 2024 alongside €10m from other investors.

A ‘smart money app’, Plum is targeting further growth in the Greek market backed by the recent investment. The London-headquartered firm has set itself a target of securing 700,000 active Greek customers by 2027.

Victor Trokoudes, CEO and Founder of Plum said: “This is a huge milestone for Plum, giving us the opportunity to turbocharge our growth in the EU following our success in the UK. “The digital trends are promising and there is a clear gap for an app like Plum to help Greek consumers with their money management. Eurobank is one of Europe’s standout financial institutions and we’re excited about working with them. 

“Not only are they investing in Plum, but Eurobank will also be a strategic partner which will bring extra value. I’m looking forward to partnering with them to help us secure a large market share in Greece and Europe more generally.”

Plum has already built up a strong presence in the UK, where it plans to launch new products in 2024 after taking two new smart features for stock trading live earlier this year, while it is also active in 10 other European markets.

The firm hopes to replicate its UK experience in Greece and the wider Southeastern Europe region, having identified demand for investment, savings and budgeting solutions.

Victor added: “Many people are continuing to struggle with cost of living challenges, and need help to build their financial resilience. The Plum app is uniquely designed to address this through automation and AI. 

“Now we want to push further, winning in the European market with the support of Eurobank. We look forward to seeing the impact of this unique partnership.”