Plum, UK Fintech, Secures £13.4M Funding Boost

Plum Secures £13.4 Million in Funding Boost

Plum, a UK-based fintech, has received a substantial financial support of £13.4 million, bringing their total funding to over £73 million. Established in 2016 by Victor Trokoudes, Plum utilizes AI to assist more than 2 million clients in saving and investing across 10 European markets. The company has successfully facilitated a remarkable £1.2 billion in savings and investments for its users.

The recent funding round attracted prominent investors such as Eurobank, iGrow Venture Capital, Venture Friends, and Ventura Capital. Additionally, Plum completed a highly successful crowdfunding campaign on Crowdcube, raising an additional £2.7 million with the participation of over 5,500 investors.

Plum's ambitions don't end there. They have introduced a Cash ISA in the UK and ETFs for EU customers, alongside a strategic partnership with Eurobank aimed at expanding their reach. Their objective is to serve hundreds of thousands of customers in Greece by 2027.

Victor Trokoudes, Plum's CEO, is enthusiastic about the company's future, alluding to the development of groundbreaking products. Moreover, Anastasios Economou from iGrow Venture Capital is excited about Plum's potential to democratize savings solutions throughout Europe, indicating a promising future for Plum.

Key Takeaways

• Plum raises £13.4 million in funding, totaling over £73 million.
• The UK-based fintech has garnered over 2 million users across 10 European markets.
• Plum's AI tools have facilitated £1.2 billion in collective savings and investments.
• The company recently launched Cash ISAs in the UK and ETFs for EU customers.
• Plum aims to reach hundreds of thousands of customers in Greece by 2027.

Analysis

The recent funding secured by Plum highlights its rapid expansion across Europe, significantly impacting investors such as Eurobank and iGrow Venture Capital. The infusion of £13.4 million, complemented by a triumphant crowdfunding campaign, strengthens Plum's market position and technological progress. This funding is expected to expedite product innovation and market expansion, particularly in Greece. In the short term, Plum's growth boosts both investor confidence and its user base, while in the long term, it could revolutionize European fintech by democratizing savings and investment tools, setting a benchmark for AI-driven financial services.

Did You Know?

• Plum: Plum is a UK-based fintech company that harnesses artificial intelligence to aid users in saving and investing money. Established in 2016, it has extended its services across 10 European markets, catering to over 2 million clients and facilitating over £1.2 billion in savings and investments.
• Cash ISA: A Cash ISA (Individual Savings Account) is a type of savings account available in the UK, enabling individuals to save a specific amount of money each year without incurring tax on the interest earned. Plum has introduced this product to enhance its savings offerings in the UK market.
• ETFs (Exchange-Traded Funds): ETFs are a type of investment fund traded on stock exchanges, tracking an index, sector, commodity, or other assets and can be bought and sold throughout the trading day. Plum has launched ETFs for its EU customers, providing them with a diversified investment option.