Smart money app Plum has raised £16 million in Series B funding as it eyes profitability in 2025.
The London scaleup has secured £13.4m in funding from institutional investors after annual revenue almost doubled and assets under management tripled in 12 months to surpass £1 billion.
The increase was in part driven by its Cash ISA, which launched in March. It says this has opened up greater organic UK acquisition at low-to-zero cost.
The round included a second tranche of investment from strategic partner Eurobank as it eyes European expansion. New anchor investor iGrow Venture Capital joined the round alongside previous investors including Venture Friends and Ventura Capital.
The company has also raised an additional £2.7m via crowdfunding in Crowdcube’s most popular campaign of the year, with more than 5,500 investors from across the UK and EU participating.
Launched in 2017, Plum now has more than two million customers using its app to set money aside in 10 markets across Europe. The goal is to reach hundreds of thousands of customers in Greece by the end of 2027.
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“It has been an exceptional 12 months for Plum, and this new round of funding is testament to the hard work of the team and the value we’re providing for customers across Europe,” said Victor Trokoudes, founder and CEO.
“The need for a smart app that helps people grow their money for life has never been stronger, and we’re already delivering this to millions of people.
“But we don’t rest – we’re focused on what’s next and how to get even more people maximising their money with Plum. Following the success of Cash ISA in the UK and ETFs in Europe, we’re 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. It’s a really exciting time.”
Anastasios Economou, founding partner of iGrow Venture Capital, added: “iGrow is always looking for transformative ideas such as Plum’s. 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.”