UK money management app Plum raises £16.1m investment

Key Points:

1. New Investment:
   • Plum secured a fresh investment totaling £16.1 million.
   • Investment includes a £13.4 million Series B funding round and £2.7 million from a Crowdcube crowdfunding campaign.
2. Series B Funding Round:
   • Supported by Eurobank, Venture Friends, Ventura Capital, and new investor iGrow Venture Capital.
   • Second tranche of investment from Eurobank, following a previous £8.4 million (€10 million) investment in December.
3. Crowdfunding Campaign:
   • Crowdcube campaign raised £2.7 million with more than 5,500 investors.
   • The most popular campaign of the year.
   • Previous Crowdcube campaigns raised £1 million in October 2022 and £6.2 million ($8 million) in December 2021.
4. Company Performance:
   • Plum claims to have “almost doubled” its year-on-year revenues as of March.
   • Assets under management (AUM) now surpass £1 billion.
5. Product Development:
   • Launch of a “highly competitive” Cash ISA product and ETFs earlier this year.
   • Plans for “game-changing products” in the pipeline.
6. Future Goals:
   • Plum aims to achieve profitability by 2025.
7. CEO’s Comments:
   • Victor Trokoudes, founder and CEO, highlights the exceptional 12 months for Plum and the team’s hard work.
   • Focus on maximizing customer value and developing new products.