Money management app Plum has sealed $14m of an expected $24m series A funding round.
The round is led by a consortium of investors, with Ventura Capital and dmg ventures joining previous investors including Global Brain, VentureFriends and 500 Startups. The round also features renowned fintech players Francesco Simoneschi, CEO and co-founder of Truelayer; Charles Delingpole, CEO and founder of ComplyAdvantage; and Hugh Strange, VP of product at Nubank as angel investors.
Launched in the UK in 2017 by former TransferWise staffer Victor Trokoudes and Alex Michael of TicTail, Plum uses AI to automate key parts of personal finance for its users, such as automated savings, bill switching and investing.
Plum’s revenue has strengthened over the past ten months, with +189% YOY growth, as customers leveraged new tools and features launched during 2021.
The series A round will primarily be used to drive expansion, and with regulatory approval expected to offer investments in the EU, Plum will provide users in France, Spain and Ireland access to its US stocks product going live later this year.
The app already covers 26.6% (119 million people) of the EU population, and harbours plans to cover 70.6% (316 million people) by the end of 2022.
On the announcement, Victor Trokoudes, CEO & co-founder of Plum, stated: “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.”
“The 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. With the help of this new investment and our upcoming crowdfund, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.”