Plum is a smart-money app that uses artificial intelligence to automate savings and investment workflows and to simplify spending and earning within a single platform. The app has amassed over 2 million users across ten European markets, whose collective savings and investments total about £1.2 billion. Plum has nearly doubled its revenue year-over-year, driven by new products such as UK Cash ISAs and ETFs for EU customers. The company plans to accelerate growth in Greece and the UK, aiming for hundreds of thousands of customers in Greece by 2027 and expanding via partnerships like the recent Eurobank collaboration. Plum was founded in 2017 by Victor Trokoudes and operates from London, per the article. Plum is a smart money app and neobank founded in 2016 by Victor Trokoudes. The app helps users set aside cash, lower bills, offers commission-free stock and crypto trading, and a Plum-branded debit card. Plum reports a customer base of 1.4 million (approximately a 50% increase year-over-year) and says users have set aside £1.4 billion. The company has expanded into multiple EU markets, adding six markets last month to broaden its addressable market. Plum is registered with the UK Financial Conduct Authority as an Account Information Service Provider and an electronic money agent. Financially, Plum has raised $46 million in venture crowdfunded capital since launch and recently secured £5 million in debt from Silicon Valley Bank. Plum offers an automated personal finance app that helps users save, invest and budget using features like the Money Maximiser and an automated SIPP pension product. The company has more than 1 million connected customers and says it has helped save over $1 billion for users since launch. Revenue grew +189% year-on-year as more customers subscribed to Plum’s premium tiers. Product roadmap for 2022 includes EU and UK stocks, crypto as an asset class, integration of all investment products into the app’s Splitter, and a Plum card later in the year. Plum has EU bases in Athens and Nicosia, is pursuing regulatory approval to offer investments across the EU, and plans broad European launches to expand its addressable market. Plum offers a money management app that links to users' bank accounts to provide savings, investments, transaction analysis and automated saving tools (round-ups, regular savings and an AI that assesses what users can afford to save). The app supports ISAs with thematic investing and a “Splitter” feature to allocate automatic savings between pots and investments. Plum recently added the ability to link multiple accounts for full visibility and is working on Open Banking payments, with a possible complementary Plum card mentioned for the future. It has introduced interest-bearing savings for paid and free users with tiered rates and lets users split deposits between interest accounts and investments. The company claims 1 million registered UK users and employs more than 60 people across London and Athens, planning to scale to 80 employees by the end of 2020. Plum aims to expand into Spain and France by the end of 2020 and is targeting 5 million users across Europe by the end of 2021. Plum builds an AI personal-savings assistant available across Facebook Messenger, iOS and Android that links users' bank accounts, analyses transactions daily, and automatically transfers money into savings. Its app offers features such as balance notifications, quick access to savings, Face/Fingerprint/PIN security, and tips to help users save more. Plum has launched intelligent saving rules including a 52-week challenge and a Rainy Day Rule to automate and increase savings. The company claims about 650,000 registered users, with roughly 70% active monthly. Plum launched its iOS app in April 2019, was born on Facebook Messenger, and has recently released an Android app to support expansion beyond the UK. With the new funding, Plum plans to accelerate growth and pursue European expansion.

Total raised

$49M

Funding rounds

5

Latest round

Series B

Latest activity

Jul 2024