Smart money app Plum is planning on refining its operations in the UK after successfully completing a high-value Serie B funding round.
The London-headquartered company raised a total of £16m via the funding round, of which £2.7m was raised through Crowdcube. Over 5,500 investors across the UK and EU participated.
Following the cash injection, Plum plans to ‘flesh out’ its UK product offering, the firm asserts. The company aims to build on the Cash ISA product, targeting British savers and investors.
Victor Trokoudes, Plum Founder and CEO, said: “It has been an exceptional 12 months for Plum, and this new round of funding is 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.
“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.”
Plum has established itself as a smart money services provider across 10 European markets, building up a customer base of two million. The aforementioned Cash ISA is cited by the firm as driving growth, particularly in the UK.
This latest Serie B round follows a partnership with Eurobank clinched late last year. The deal saw the Greek financial institution take €10m, which the company aims to use to support its expansion plans in Southeast Europe.
Anastasios Economou, Founding Partner of iGrow Venture Capital added: “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.”
