Plum partners with Eurobank, secures €10m investment

By Gloria Methri

Plum, the smart money app, has partnered with Eurobank, one of the leading Greek financial institutions, to offer customers in the region a fully digital wallet focused on digital savings and investments.

The partnership will help Plum accelerate its development in Greece and surrounding markets, with the ambition to reach 700k active customers by the end of 2027. The move underpins the agility needed by large banks to reach a younger, more demanding, and diverse demographic.

The partnership is accompanied by a minority equity investment from Eurobank of €10 million, the first tranche of €5 million having happened in November. Plum will conclude a second close of €15 million in Q1 2024, with other institutional investors alongside Eurobank’s €5 million second tranche.

Victor Trokoudes, CEO and Founder of Plum, said, “This is a huge milestone for Plum, giving us the opportunity to turbocharge our growth in the EU following our success in the UK. The digital trends are promising and there is a clear gap for an app like Plum to help Greek consumers manage their money.”

He added, “Eurobank is one of Europe’s standout financial institutions, and we are excited about working with them. Not only are they investing in Plum, but will also be a strategic partner which will bring extra value. I look forward to partnering with them to help us secure a large market share in Greece and Europe more generally.”

Plum has a well-established presence in the UK market and continues to build on its success, having recently launched a Money Market Funds product called Plum Interest. The company is also launching a range of new product types in the new year, including Cash ISA and Lifetime ISA in the UK, to add to its existing offering of tax wrappers and ETFs in Europe.

The company is on the way to replicating its UK success in the EU, having already launched in 10 European markets. The Eurobank deal will boost Plum’s standing as a provider of investment, savings, and budgeting solutions to consumers across south-eastern Europe.