Smart money app, Plum, which has Greek origins, raised 19 million euros in funding from institutional investors, including a second tranche of investment from Eurobank. The new funding round also involved new investors such as iGrow Venture Capital, as well as existing ones such as Venture Friends and Ventura Capital.
Plum raised an additional 3.2 million via crowdfunding campaign, with more than 500 investors from the United Kingdom and the European Union.
Plum was founded and started operating in 2016 in the UK, but has a strong Greek DNA because of its founder, Victor Trokoudes and also because more than 50% of its workforce is located in Athens.
The company has created a “smart” money management application, which helps its customers save, invest, budget and effectively manage their expenses.
What sets Plum apart from the competition is the automation tools it offers, which help its clients better manage the aspects of personal financial management that are often considered difficult or time-consuming.
In Greece, Plum’s app became available in early 2023.
In fact, Plum’s assets under management (AUM) recently exceeded £1 billion, having tripled in 12 months. This growth is partly due to the company’s recently launched Cash ISA, which opened up larger organic markets in the UK at low to no cost.
It is worth mentioning that the company’s revenue has almost doubled year-on-year, mainly due to the large increase in subscriptions, with average revenue per customer showing an increase of 40%.
With the AUM surge also contributing to revenue growth, Plum is now on track to achieve profitability in 2025.
The startup plans to expand its presence in Europe, while its goal is to significantly increase its customers in Greece by 2027.