Plum raises GBP 16 million in Series B funding

Specifically, Plum raised GBP 13.4 million in funding from the aforementioned institutional investors but existing investors such as Venture Friends and Ventura Capital, have also contributed. Additionally, Plum raised GBP 2.7 million through a crowdfunding campaign on Crowdcube, which attracted over 5,500 investors from the UK and the EU.

The funding follows a period of notable growth for Plum. Since its inception in 2017, the company has expanded to serve over 2 million users across 10 European markets. Assets under management (AUM) recently exceeded GBP 1 billion, having tripled in the past year according to the company press release. This growth is partly attributed to the successful launch of Plum's Cash ISA in March 2024, which has contributed to increased customer acquisition in the UK.

Plum also plans to enhance its product offerings in the UK and expand its presence in Europe. Recent initiatives include the introduction of ETFs for European customers and a partnership with Eurobank aimed at expanding Plum’s user base in Greece, with a target to attract hundreds of thousands of customers by the end of 2027.

A word from company officials

In the official press release, representatives from Plum stated that the past year has been highly successful for the company and emphasised that the new funding reflects the team's efforts and the value provided to European customers. They also expressed a focus on future developments and highlighted the company’s ambition to reach profitability and introduce new features.

In turn, representatives from iGrow Venture Capital noted that iGrow is interested in transformative ideas. They highlighted the significance of making savings solutions widely accessible and expressed confidence in Plum’s continued expansion and success.