BBVA has completed its first venture debt financing deal in the UK, granting a £15 million facility to British personal finance app Plum, the Spanish banking giant announced on Monday.
BBVA Backs UK Fintech Plum with £15 Million Venture Debt Deal
The funding is expected to support Plum’s expansion plans and ongoing efforts to scale its business, particularly as it grows its user base across the UK and Europe.
The London-based fintech, which uses AI to help users manage savings and investments, now serves over two million customers and has helped set aside more than £5 billion in savings. Its revenues have grown more than fourfold in the past year.
The deal is said to reflect BBVA’s increasing commitment to the UK’s fintech ecosystem, which they state remains one of Europe’s most active hubs for venture capital and innovation.
“We’re thrilled to secure this new financing from BBVA,” said Victor Trokoudes, Plum’s CEO and founder. “We have bold plans for 2025, and this investment will help us deliver them.”
BBVA said the agreement marked a milestone in its venture debt strategy, aimed at supporting high-growth technology companies at various stages of development.
The bank has been increasingly active in fintech funding and recently signalled plans to deepen its presence in European technology markets.
Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe, said the deal represents “a key milestone” as the bank deepens its role in the UK’s entrepreneurial ecosystem. “We are proud to support Plum’s expansion in Europe and be part of their exciting growth story.”
Plum plans to enhance its AI-driven financial tools, including ETFs and tax-free savings products, and accelerate its reach in the European market.
