Plum announces $14m first close as part of a $24m Series A funding round

By Joy Dumasia

Plum announces the first close of new funding that will supercharge the company’s expansion and cement Plum as Europe’s ultimate money management app. The first close of $14m is part of an anticipated $24m Series A. The round is led by a consortium of noted investors, including new partners dmg ventures and Ventura Capital. They have previously invested in scale-ups such as Cazoo and Farewill (dmg) and Railsbank (Ventura). The new investors are joined in this round by previous Plum backers Global Brain, VentureFriends and 500 Startups.

Plum is welcoming support from several notable names from the FinTech space as part of this round. Francesco Simoneschi, CEO & co-founder of Truelayer; Charles Delingpole, founder and CEO of ComplyAdvantage; and Hugh Strange, VP of Product at Nubank, are backing Plum as angel investors, bringing with them a wealth of experience from across the sector.

The company is also planning to give customers a chance to share its success with a new crowdfunding round opening on Crowdcube later in October. Plum has seen record-breaking interest in the campaign so far, with more than 20,000 people registering interest in the round in the first 12 hours of the campaign launching. When Series A closes, Plum expects total funding to date to have topped $43.3m and its valuation to have tripled since the company’s last funding round in July 2020.

Victor Trokoudes, CEO & Co-Founder of Plum, said: “Wealth for all is our mission, and we’ve made some great strides towards making that reality this year, expanding our user base massively and delivering a product that looks more and more like a financial super app. But there’s a lot more work to be done. The appetite for smart and intuitive investment products is enormous, particularly in other parts of Europe, where often old-fashioned banks are the only option for growing your money. With the help of this new investment and our upcoming crowdfund, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.”