Plum Secures £16 million in push for profitability

Smart money app Plum has raised £13.4 million from institutional investors and an additional £2.7 million through crowdfunding, totaling £16 million in its Series B round.

Institutional investors include Greece’s Eurobank, which invested €10 million in December, along with iGrow Venture Capital, Venture Friends, and Ventura Capital. The crowdfunding campaign on Crowdcube, the most popular of the year, attracted over 5,500 investors from the UK and EU.

Plum now serves over two million customers across 10 European markets. Its assets under management (AUM) have exceeded £1 billion, tripling in the past year, partly due to the success of its new Cash ISA, which has facilitated cost-effective UK acquisitions.

The company’s revenue has nearly doubled year-on-year, driven by robust subscription streams and a 40% increase in average revenue per customer. With AUM growth contributing to higher revenue, Plum is on track to achieve profitability by 2025.

Victor Trokoudes, Plum’s founder and CEO, stated, “With the success of our Cash ISA and ETFs, we’re well-positioned to achieve profitability and have exciting new products coming that will elevate our app for customers. It’s an exciting time for us.”