Plum offers a smart-money app that automates saving and investing, including products such as a Cash ISA and ETFs for EU customers. Since launching in 2017 it has grown to more than 2 million customers across 10 European markets. Assets under management recently surpassed £1 billion, having tripled in the prior 12 months, and revenue has almost doubled year-on-year with average revenue per customer up 40%. The company relies on robust subscription streams and product-led acquisition (the Cash ISA has driven low-to-zero cost UK growth). Plum is on track to reach profitability in 2025 and plans to continue fleshing out its UK product suite while expanding across Europe. It has a strategic partnership with Eurobank to accelerate regional growth and aims to reach hundreds of thousands of customers in Greece by the end of 2027. Plum develops a smart money app that analyses users' income, expenses and spending patterns to monitor current accounts and transfer small amounts into Plum savings. The product also offers commission-free investing, a debit card, cryptocurrency trading, and balance notifications. Founded in 2016 and headquartered in London with offices in Athens and Nicosia, Plum serves over 1.4 million customers across the UK and EU who have saved more than £1.4B. The company has raised previous capital including a $14M Series A in October 2021 and recently secured £5M in financing from Silicon Valley Bank UK alongside dmg ventures, VentureFriends and Global Brain. Plum says it is raising funds to accelerate expansion into Europe, refine product features, and build a faster, more cohesive app. Plum automates the parts of personal finance many users find difficult, calculating what each person can afford, finding better deals on bills, offering spending insights and providing a simple platform for easy-access investments. Founded in London in 2016 by Victor Trokoudes and Alex Michael, the company has offices in Athens and Nicosia and a growing European community projected to reach 2.5 million by the end of 2021. Plum recently received regulatory approval to offer investments in the EU and plans multiple product launches including a US stock investing product (beginning in December with full rollout in Q1 2022), adding stocks to its Plum Splitter, a payment card, and later access to EU/UK stocks and crypto-assets. The startup is planning geographic expansion into the Netherlands, Portugal, Belgium, Italy, Finland, Austria and Germany in the year ahead. Financially, Plum has closed a €21M Series A and has now raised a total of €37.8M to date; its valuation has tripled since its July 2020 round. The company has evolved from a chatbot into a broader money-management service with automated saving, investing and spending tools. Plum is a UK-based smart money and savings app. The company raised €8.7 million in a round led by Japan’s Global Brain and the European Bank for Reconstruction and Development. VentureFriends also provided funding and the raise included about €2.7 million matched via the UK government's Future Fund scheme. Lifetime investment in Plum now stands at approximately €21.4 million. The funds will be used to expand its smart money and savings app further across Europe. The EBRD has participated in Plum’s previous funding rounds. Plum is an AI 'assistant' that analyses users' bank transactions to automate saving via round-ups and regular transfers. It offers an iOS app, a newly launched Android app and began as a Facebook Messenger chatbot. Users can open ISA investment accounts, invest by themes, and use a 'Splitter' to allocate savings between pots; new saving rules include a 52-Week Challenge and a Rainy Day Rule. The startup reports 650,000 registered users with around 70% monthly active. Plum has grown its team to 31 employees and made senior hires in behavioural science as it pursues further European expansion. Since being founded in 2016, the company has raised $9.3M to date.

Total raised

$63M

Funding rounds

6

Latest round

Series B

Latest activity

Jul 2024