Monday, December 2, 2024
2.1 C
New York

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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

Tembo Secures $14M to Revolutionize Savings and Mortgage Solutions

Transforming the home-buying journey: How Tembo plans to expand...

Close Brothers Asset Management Adopts Objectway’s Portfolio Management Solution

Close Brothers Asset Management (CBAM) has partnered with...

CaixaBank Unveils €5 Billion Technology Investment in Strategic Plan

Spain’s CaixaBank has launched its 2025–2027 strategic plan,...

Nationwide Transitions to HPE GreenLake Hybrid Cloud Platform

Nationwide Building Society is moving its IT infrastructure...

Beacon Launches Digital Wallet for Immigrants Moving to Canada

Toronto-based fintech Beacon is set to launch Beacon Money,...

Minu Secures $30M Series B to Expand Wellness Platform in Mexico

Minu, a Mexican employee wellness platform, raised $30...

Tanner Servicios Financieros Secures $40M IFC Investment to Drive Expansion

Chilean financial institution Tanner Servicios Financieros has secured...

Cardstream Appoints Gurinder Sumra as CFO to Drive Growth

UK-based paytech Cardstream has named Gurinder Sumra as...

Related Articles

Popular Categories

spot_imgspot_img