Plum, a smart money app provider, has reportedly raised roughly £16m in a Series B funding cycle. Various institutional investors contributed £13.4m and a crowdfunding drive raised another £2.7m.
Plum Raises £16m In Latest Funding Round
Among the institutional investors was Greece’s Eurobank, which put up €10m for an equity stake in the company back in December 2023. Others included iGrow Venture Capital, Venture Friends and Ventura Capital.
According to Finextra data, more than 5,500 investors from the UK and EU participated in the Crowdcube campaign. This is Crowdcube’s standout crowdfunding drive so far this year.
Plum secured the investment by reaching over two million clients in 10 different markets across Europe. Over the past 12 months, the firm tripled its assets under management (AUM), which stands currently at more than £1bn.
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Finextra further reported that Plum’s year-on-year revenue doubled. This growth is mainly due to its subscription streams as records show a 40% increase per customer. With this glowing financial picture and the latest funds, Plum is set to turn profits in 2025. The company’s founder and CEO, Victor Trokoudes, commented:
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 also secured funds in earlier drives, with analysts pointing out the organisation’s regular knack for attracting investment and boosting expansion and financial viability.
