Smart money app Plum raises $10m

Fintech startup Plum has today announced a $10 million funding round that will bring complete financial assistance to its customers. The investment, which has come during the current global COVID-19 outbreak, will support Plum’s exponential growth across Europe and further develop Plum as the centre for people’s financial life.

The new round is led by Japan’s Global Brain and the European Bank for Reconstruction and Development, which has participated in previous funding rounds for Plum.

Alongside this, the company has received further funding from long-term investors VentureFriends, the Athens-based VC firm and has been matched £2.5m as part of the UK government’s Future Fund scheme. Lifetime investment in Plum now stands at $19.3m.

Launched in the UK in 2017, Plum uses AI to automate key parts of personal finance, such as saving, switching bills and investing.

The smart startup now has more than 1 million customers signed up to its app in the UK. Yet there are still an estimated 11.5m people in the UK who have less than £100 saved, and more people than ever are keen to improve their financial situation in the wake of the Coronavirus crisis.

The mission therefore remains to bring wealth and financial resilience to everyone, starting with the UK, but bringing Plum’s power to continental Europe too. Plum aims to launch in Spain and France by the end of 2020 — in Spain, for example, a quarter of the population does not have any savings.

To bring this important mission to fruition, Plum has been heavily investing in its team with senior hires across product, operations and marketing. Now with more than 60 people split across London, UK and Athens, Greece, Plum aims to scale up further to 80 by the end of 2020, and deliver a complete and stable product to users across Europe in record time.

“Plum is becoming the one single app for all your financial needs,” comments Victor Trokoudes, CEO & co-founder of Plum.

“This fundraising reflects investors’ trust in our mission, particularly at a time when saving money and optimising spending is crucial. With Plum at their side, everyone can have full control of their money in one place. This new version of Plum has a universal appeal and will help us make even more people better off. At Plum, we’re doing things differently… from saving, interest and pensions, to trading of stocks and ETFs, Plum is the brainy app that doubles your money.”

Naoki Kamimaeda, Partner and Europe Office Representative at Global Brain Corporation, adds, “Plum has a very unique position and very bold ambition to be a partner of individuals to save more money and manage their financial life in an easier and more effective manner.

“We are very impressed by Victor and his team who clearly see what the future of personal finance should look like. Therefore, we, Global Brain, see huge potential in Plum and will continue leveraging our resources to support Plum to grow to the go-to app of your financial life management.”