British Fintech Startup Plum has closed Series B funding, including almost £3M from retail investors.
In a remarkable achievement, the fintech startup Plum has raised £16 million in its latest Series B funding round. This significant capital influx comes as Plum has tripled its assets under management (AUM) to over £1 billion within a year. This article explores Plum’s journey, its recent milestones, and what lies ahead for this innovative company.
Funding Triumph: £16 Million Raised
Plum’s recent Series B funding round was a resounding success, securing £16 million from a mix of institutional investors and crowdfunding. Leading the charge was iGrow Venture Capital, with substantial contributions from existing backers like Venture Friends and Ventura Capital. The crowdfunding segment, conducted via Crowdcube, attracted over 5,500 investors, marking one of the platform’s most popular campaigns.
Victor Trokoudes, Plum’s founder and CEO, expressed his gratitude and optimism, stating, “The need for a smart app that helps people grow their money for life has never been stronger. We’re focused on what’s next and how to get even more people maximizing their money with Plum.”
Tripling AUM: A Testament to Growth
In just a year, Plum has seen its AUM skyrocket from £300 million to over £1 billion. This impressive growth is attributed to its expanding customer base and increased average revenue per customer, which has risen by 40%. Launched in 2017, Plum now serves over 2 million customers across 10 European markets, offering a suite of financial management tools and investment opportunities.
Product Expansion and Innovation
Plum’s recent success with its Cash ISA product in the UK has been a significant driver of organic customer acquisition. The company plans to build on this momentum by enhancing its product offerings and expanding its presence in Europe, particularly focusing on the Greek market through its partnership with Eurobank.
Anastasios Economou, Founding Partner of iGrow Venture Capital, highlighted the democratizing impact of Plum’s services, stating, “Making savings solutions accessible to all, not just high-net-worth individuals, is a democratization and revolution in the industry. We are excited to see the expansion across Europe and Greece.”
Strategic Partnerships and New Ventures
In addition to its core offerings, Plum has ventured into new territories through strategic partnerships. Its collaboration with Bitpanda, a cryptocurrency service provider, enables Plum to offer major cryptocurrencies like Bitcoin and Ethereum to its European customers. This move broadens Plum’s appeal and aligns with the growing interest in digital assets.
Furthermore, Plum has bolstered its leadership team with the appointment of Erinoula Kyrantonis as the new Head of Branding and Communications. With experience at renowned brands like Red Bull and Vita Coco, Kyrantonis is set to strengthen Plum’s brand positioning and ensure consistent communication across all channels.
The Road to Profitability
With the new funding, Plum aims to reach profitability by 2025. The company plans to continue developing new features for its growing user base while maintaining its commitment to providing accessible and effective financial management solutions. The focus will be on expanding its market reach and enhancing its product suite to meet the diverse needs of its customers.
Looking Ahead
Plum’s rapid growth and recent funding success underscore the fintech’s potential to revolutionize personal finance. As the company continues to innovate and expand, it remains dedicated to helping people manage and grow their money efficiently. The future looks bright for Plum as it embarks on the next phase of its journey, driven by a clear vision and strong investor support.
