Eurobank takes minority stake in investment app Plum

Plum Eurobank Image credit: Postmodern Studio / Shutterstock

Eurobank has invested €10m (£8.6m) and taken a minority stake in London-based money-saving and investment app Plum.

The first tranche of the investment, worth €5m, was deployed in November. The rest of the investment is expected in the first quarter of 2024, as part of a €15m fundraise from Plum that will include additional investors.

Alongside the investment from the Athens-based finance institution, Plum and Eurobank have entered a strategic partnership that will support Plum’s growth in Greece and the surrounding markets.

Plum said it aims to reach 700,000 active users in Greece by the end of 2027. Plum currently has more than 1.8 million users across all markets.

“This is a huge milestone for Plum, giving us the opportunity to turbocharge our growth in the EU following our success in the UK,” said Victor Trokoudes, founder and CEO of Plum.

“The digital trends are promising and there is a clear gap for an app like Plum to help Greek consumers with their money management.

“Eurobank is one of Europe’s standout financial institutions and we’re excited about working with them.”

Founded in 2016 by Trokoudes, a former Wise employee, Plum’s app offers users a variety of finance features, most notably automatic investments and savings.

“Many people are continuing to struggle with cost-of-living challenges, and need help to build their financial resilience,” added Trokoudes.

“The Plum app is uniquely designed to address this through automation and AI. Now we want to push further, winning in the European market with the support of Eurobank. We look forward to seeing the impact of this unique partnership.”

Since its foundation, Plum has raised more than £57m. The company’s last round of funding was in 2022, when it raised £1.7m from a crowdfunded investment.