London investment fintech Plum triples valuation in £18m raise

plum funding Image credit: Plum

London-based money management fintech Plum has raised $24m (£18m) in a Series A round, bringing its total funding to date to $43m (£32.4m) and helping triple its valuation since July 2020.   

The Series A funding will enable Plum to accelerate its expansion across Europe in countries including the Netherlands, Portugal, Belgium Italy, Finland, Austria, and Germany in 2022. 

The company is also planning to expand its product offerings by launching new features, including a US stock investing product from early December. Users will also get access to EU and UK stocks and crypto assets in 2022. 

The announcement comes a few weeks after raising $14m from various investors, including dmg ventures, Ventura Capital, Global Brain, Venture Friends, and 500 Startups. 

Following the $14m raise, Plum secured an additional $8m via crowdfunding platform Crowdcube. A total of 9,712 investors took part in the crowdfunding raise, which according to the company makes it the fourth most popular Crowdcube fundraise of all time in Europe. 

Victor Trokoudes, CEO & co-founder of PlumTrokoudes, said: “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.”

The funding follows Plum receiving regulatory approval to offer investment in the EU.

Founded by Victor Trokoudes (ex-Wise) and Alex Michael (ex-TicTail) in 2016, Plum is a money management platform that connects to users’ bank accounts and analyses their incomings and outgoings. 

The platform then analyses transactions and identifies regular income, rent, bills, and daily spending. 

Using this and other factors, the app calculates daily what amount it can safely put aside without affecting users’ daily life. Plum also offers different saving rules, such as Roundups, Weekly saver, and Paydays saver.

Trokoudes added: “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.”