Plum, the money management app, has raised a total of $24 million from a Series A funding round that will help propel the company’s expansion into Europe and grow its product offerings.
The fintech’s first close of funding, announced in October, raised $14 million and saw notable investment from investors including dmg ventures, Ventura Capital, Global Brain, Venture Friends and 500 Startups.
Following this, Plum ran a highly anticipated second round on crowdfunding platform Crowdcube which raised $8 million. The campaign was the fourth most popular Crowdcube fundraise of all time in Europe by number of investors, which reached 9,712 (1).
The business also received additional investment from investors, bringing the total fundraise to $24 million.
The funding will be used to drive Plum’s expansion through an ambitious growth programme of customer-led developments, following a successful year that saw a 189% increase in year-on-year revenue (2).
Following the $24 million Series A, funding for Plum has reached $43 million to date, with the fintech’s valuation tripling since its last funding round in July last year.
This is an exciting time for Plum as it has recently been given regulatory approval to offer investments in the EU, with plans to expand their customer base with launches in the Netherlands, Portugal, Belgium Italy, Finland, Austria and Germany in the year ahead. It is now on track to reach 2.5 million registered customers across Europe by the end of 2021.
Building on its growth prospects, Plum will soon be launching a number of innovative new offers to customers, including a US stock investing product which will start opening up to customers from early December. A full rollout will follow in Q1 2022, with the stocks feature being added to the Plum Splitter later in the year, enabling customers to invest easily and continuously using its automated functionality.
The fintech is also developing a payment card which will, through its sophisticated automated savings service, help customers’ everyday spending and budgeting. Access to EU and UK stocks and crypto assets will follow later in 2022.
These developments build towards Plum’s ambition to make it easier for people to manage their money and grow their wealth, exercising good long-term financial habits that will help them throughout their lives.
Victor Trokoudes, CEO & co-founder of Plum comments: “We are delighted to have had such strong engagement from investors in this latest funding round. It shows that people trust our service, which offers truly innovative ways to build wealth, and are keen to support our ambitious growth plan to become the most successful financial app out there.
“Crowdfunding was a key part of our early success, and we are pleased so many people want to continue to support our development and mission to provide tools to make more people financially secure.
“Our journey has been all about realising our initial vision and building a product that puts people and their finances first. As we approach our five-year anniversary next January, I am proud of how far we have come from our beginnings. We started as a simple chatbot but have grown to become one of Europe’s leading money management services, with sophisticated tools to help people save, spend and invest better for the long-term.”