Spanish bank BBVA is stepping up its efforts to become an established player in the UK after confirming a £15m venture debt grant to money management platform Plum.
Not only looking to grow its presence in the UK as a viable lender in the country’s financial landscape, but BBVA is also committed to the growth of Plum with this investment as the UK-based fintech continues to attract thousands of investors.
BBVA’s investment will help Plum expand its services and enhance its profitability, with the company aiming to strengthen its lending and investing capabilities to attract more customers.
Over the past year, Plum launched ETFs and tax-free savings accounts in the UK, and has grown across Europe by building AI-driven data infrastructure.
Victor Trokoudes, Plum CEO and Founder, said: “We’re thrilled to secure this new financing from BBVA.
“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.
“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.”
BBVA has increased its focus on the UK market in recent months, recently establishing a new London-based team to strengthen its presence in the country and wider Europe.
The move follows rapid growth in markets such as Argentina, Colombia, Spain and Mexico, where BBVA has supported over 1,500 clients and committed close to €600m in credit.
“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”, added Donatella Callegaris, BBVA Head of Venture and Growth Lending, Europe.
“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.”
