Plum, the money management app founded in London in 2016, has just raised €21 million in Series A funding.
This close of funding for the fintech comes after successful fundraising in October which saw notable investment from names such as dmg ventures, Ventura Capital, Global Brain, Venture Friends and 500 Startups.
Plum then ran a crowdfunding campaign on Crowdcube to successfully raise the additional funding that closes this round. The company’s campaign was the fourth most popular Crowdcube fundraise of all time in Europe, reaching over 9,700 investors.
With additional investors bringing the final total of this round to €21 million, the startup has now reached a total of €37.8 million, and its valuation has tripled since its last funding round in July 2020.
Founded by Victor Trokoudes and Alex Michael, the fintech app is on a mission to banish financial instability and make people better off over their lifetime. Plum automates the parts of personal finance that most people don’t have time for or find difficult to navigate. It calculates what each person can afford, finds better deals on everyday bills, offers useful spending insights and provides a simple platform for easy-access investments.
Headquartered in London with offices in Athens and Nicosia, the young company has a growing community in Europe which is predicted to grow to 2.5 million by the end of 2021.
The funding comes at an exciting time for the company as they have also just received regulatory approval to offer investments in the EU.
With their vision of greater financial empowerment and stability for all, Plum is now planning to expand its customer base with launches in the Netherlands, Portugal, Belgium, Italy, Finland, Austria and Germany in the year ahead.
To boost growth prospects further, the startup will also soon launch a number of new offers to customers, including a US stock investing product. This will begin in December with full rollout in Q1 2022, and the stocks feature will be added to the Plum Splitter later in the year, enabling customers to invest easily and continue using its automated functionality.
In addition, the fintech company is developing a payment card that will further help customers take control of their everyday sending and budgeting. Later in 2022 will also see access to EU and UK stocks and crypto-assets.
Victor Trokoudes, CEO & co-founder of Plum, said: “Our journey has been all about realising our initial vision and building a product that puts people and their finances first. As we approach our five-year anniversary next January, I am proud of how far we have come from our beginnings. We started as a simple chatbot but have grown to become one of Europe’s leading money management services, with sophisticated tools to help people save, spend and invest better for the long-term.”