- The London-based fintech startup Plum has raised $14 million in fresh funding.
- Founded in 2017, Plum integrates into users’ bank accounts to offer saving and investment products.
- Plum’s new funding comes ahead of further expansion into continental Europe.
The personal-finance app Plum has raised $14 million in fresh funding as it looks to expand in Europe.
Founded in 2017 by the former Wise employee Victor Trokoudes and Alex Michael, the London-based startup uses artificial intelligence to automate personal finance, such as saving, switching bills, and investing, by linking to users’ bank accounts.
Since its last funding round in July 2020, the company has started offering pension products. It also rolled out stock-trading features to the UK and will soon expand these to Europe.
“We take the approach of being disciplined as a business so we don’t need as much money, we have a low burn rate and make money,” Trokoudes, Plum’s CEO, told Insider. “We wanted to avoid dilution so only raised what we needed to support the current business and our future needs.”
Plum said that its valuation had tripled on its previous funding round but declined to give specifics, other than that it was in excess of $137 million. The firm plans to offer a Plum debit card and expanded stock trading by the end of the year, with a cryptocurrency-oriented product set to go live in 2022.
“We’ve been increasingly convinced by crypto, and it’s an asset class we can’t ignore,” Trokoudes added.
The company began its European expansion in 2020 with moves to France, Spain and Ireland. Trokoudes said strong growth had encouraged further expansion in the bloc, with new markets including the Netherlands, Portugal, Belgium, Italy, Finland, Austria, and Germany.
Plum has about 90 employees across London, Cyprus, and Athens, Greece, and will look to have about 150 people in the next six months.
The startup has raised $37.5 million to date and is planning a crowdfunding campaign later in October with the aim of raising a further $10 million.
Funding for the latest round came from DMG Ventures – the corporate venture-capital arm of the Daily Mail publishing group – and Ventura Capital, alongside angels including Truelayer CEO Francesco Simoneschi and Charles Delingpole, CEO of London-based fintech ComplyAdvantage. Existing investors Global Brain, Venture Friends and 500 Startups also joined the round.
Check out Plum’s pitch deck below: