Plum Secures £16 Million in Series B Funding Round
Plum, a cutting-edge financial technology company based in London, UK, has successfully secured £16 million in its Series B funding round. This latest round of financing includes £13.4 million raised from a mix of institutional investors, demonstrating strong confidence in the company's vision and capabilities. Notable among these investors is Eurobank, which has participated in a second tranche of investment. In addition to Eurobank, new investor iGrow Venture Capital joined the effort, while previous backers Venture Friends and Ventura Capital continued their support. This substantial capital raise is complemented by an additional £2.7 million obtained through crowdfunding, highlighting the strong engagement from the community and individual investors passionate about the fintech landscape.
The fresh influx of funds will be strategically utilized by Plum to enhance its product offerings within the UK market.
The company has already experienced success with its Cash ISA, a savings account designed to encourage users to save more effectively. With this funding, Plum aims to develop an all-encompassing app that will cater not only to savers but also to investors, further solidifying its position as a comprehensive financial management solution. Led by CEO and Founder Victor Trokoudes, Plum is dedicated to automating those challenging aspects of personal finance that often leave individuals feeling overwhelmed or too pressed for time. The app focuses on not only saving money but also encouraging empowered spending and making investing more accessible to a broader audience.
This latest funding round comes on the heels of impressive growth for Plum, with assets under management now exceeding £1 billion. The company's revenue has nearly doubled year-on-year, placing it firmly on a trajectory toward profitability by 2025. As the company looks towards the future, it is planning to leverage its strong performance and expanding user base as it continues to innovate within the UK financial market. With offices not only in London but also in Athens, Greece, and Nicosia, Cyprus, Plum is well-positioned to influence the fintech sector on an international scale, providing smart money solutions that meet the evolving needs of consumers.
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