Smart money app Plum is to embark on its third crowdfunding round after securing £5 million in debt financing from Silicon Valley Bank UK.

Since its last crowdfund 12 months ago, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card.

Plum has grown its customer base to 1.4 million, an almost 50% increase in the last year, and helped people set aside £1.4 billion.

The new campaign will open later this month on Crowdcube and will be available to both UK and European investors. It will give members of the public the opportunity to join dmg ventures, Global Brain and Venture Friends as investors in the company.

“I want to say thank you to all our 11,000 investors and 1.4 million customers, whose support has been critical to our standout record of delivery in the past year,” said Victor Trokoudes, CEO and co-founder. 

“We’ve worked hard for them, delivering on every major promise we made at our previous crowdfunding round, whether introducing commission-free investing and a debit card, expanding into new European markets and launching crypto trading. 

“Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this. We want to now push further with even stronger features, winning in the European market with our standout proposition.” 

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Plum is headquartered in London and has offices in Athens, Greece and Nicosia, Cyprus.

Michaela Brady, senior vice president for Fintech at Silicon Valley Bank UK said: “Silicon Valley Bank UK is excited to partner with Plum as they continue to scale. 

“Plum’s wealth generation solution leverages open banking and AI to automate consumer saving habits; Plum is a great example of where fintechs are driving positive change in the market. 

“We are fortunate to join this syndicate and be a part of Plum’s growth story.”

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