Plum Raises £16 Million in Series B Funding

Smart money app Plum has successfully raised £16 million in its Series B funding round, with £13.4 million from institutional investors, including Eurobank and iGrow Venture Capital, alongside £2.7 million from crowdfunding with over 5,500 participants. The company has experienced significant growth, tripling its assets under management to surpass £1 billion in the past year, mainly driven by its successful Cash ISA product launched in March. Plum aims to reach profitability by 2025 and has ambitious plans for expansion in Europe, including launching ETFs for EU customers and targeting hundreds of thousands of users in Greece by 2027. The CEO, Victor Trokoudes, emphasized the importance of their app in helping users manage their finances and hinted at innovative products on the horizon. Overall, Plum's strong performance is attributed to robust subscription growth and increased revenue per customer, positioning the app as a leading financial tool in the market.