Plum, UK’s smart money app raises £16m Series B

By Gloria Methri

Smart money app Plum has raised £13.4 million in funding from institutional investors, including a second tranche of investment from strategic partner Eurobank. New anchor investor iGrow Venture Capital has joined the round alongside previous investors, including Venture Friends and Ventura Capital.

The company has also raised an additional £2.7 million via crowdfunding in Crowdcube’s campaign of the year, with more than 5,500 investors from across the UK and EU participating. This brings the total to £16 million raised in Plum’s Series B round.

The investment was secured following a period of strong business performance. Following the success of its Cash ISA, Plum will continue to expand its product offering in the UK.

Plum has ambitious plans for the rest of Europe too, having recently launched ETFs for EU customers and partnered up with Eurobank to accelerate its growth in the region. The app’s goal is to reach millions of customers in Greece by the end of 2027.

Victor Trokoudes, Plum founder and CEO, said, “It has been an exceptional 12 months for Plum, and this new round of funding is a testament to the hard work of the team and the value we’re providing for customers across Europe. The need for a smart app that helps people grow their money for life has never been stronger, and we are already delivering this to millions of people.”

“Following the success of Cash ISA in the UK and ETFs in Europe, we are well-placed to reach profitability, which is a major and important milestone for us. And we have game-changing products in the pipeline that will take our app to the next level for customers.”

Anastasios Economou, Founding Partner of iGrow Venture Capital, added, “iGrow is always looking for transformative ideas such as that of Plum. Making savings solutions accessible to all, not just high-net-worth individuals is a democratisation and revolution in the industry. We are excited to see the expansion across Europe and Greece. We have full confidence in the Plum team’s capacity to keep expanding.”