By Daniel Lanyon on Friday 15 October 2021
The round will help accelerate recent strong growth in users and revenues, the firm says, as well as its European expansion.
Plum has made a first close of its Series A with a $14m fundraise along with what it says is a tripling of its valuation. The company is also planning a crowdfunding round in October to top up the round.
The company says it is in high growth mode and planning further product development including a crypto offering in 2022.
Plum's connected customer numbers doubled in the past year, with more than one million people across Europe now saving and investing on the platform. Revenue has surged too with a growth of 189 per cent year-on-year thanks to the growing demand for paid for features that come as part of its subscription packages.
As well as a number of venture firms such as dmg ventures and Ventura Capital Global Brain, VentureFriends and 500 Startups, taking part in the round, there are a number of notable names from the fintech space investing in a personal capacity too.
These include Francesco Simoneschi, CEO & co-founder of Truelayer, Charles Delingpole, founder and CEO of ComplyAdvantage, and Hugh Strange, VP of Product at Nubank.
The round, Plum says, will help accelerate recent strong growth in users and revenues as well as its European expansion.
Plum already has two European bases in Athens and Nicosia, is expected to receive regulatory approval to offer investments in the EU, which will allow Plum to give customers in France, Spain and Ireland access to its US stocks product when it goes live later in the year.
Victor Trokoudes, CEO & co-founder of Plum, says consumer appetite for “smart and intuitive” investment products is enormous, particularly in other parts of Europe where often old-fashioned banks are the only option for growing your money.
“Wealth for all is our mission and we’ve made some great strides towards making that reality this year, expanding our user base massively and delivering a product that looks more-and-more like a financial super app. But there’s a lot more work to be done.
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