Plum lands £5m debt round led by Silicon Valley Bank

Savings and investment app Plum has secured a £5m debt funding round, ahead of a planned third crowdfunding campaign in the coming weeks.

The additional financing comes from commercial bank Silicon Valley Bank, and will be used to accelerate Plum’s European expansion and improve its products and app.

Plum CEO and co-founder Victor Trokoudes called it the start of an “exciting next chapter” for the fintech.

“Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition.”

Plum last raised funding in November 2021 when it closed an £18m Series A from investors including dmg ventures, Ventura Capital and Global Brain.

Since then Plum has been highly active, launching commission-free investing and expanding that to European markets, adding crypto trading through a partnership with Bitpanda, and introducing a biodegradable bank card.

In total, the fintech says its customers have used its app to set aside £1.4bn worth of savings.

Later this month Plum will launch its third crowdfunding campaign on Crowdcube, welcoming retail investors to join its existing ranks of backers.