Plum: London-based money management fintech company raises $17.3 million in second round of funding
Plum, a British fintech startup, has raised $17.3 million in Series B funding round.
Founded in 2017 by Victor Trokoudes, who previously worked at London-based and listed fintech company Plum offers AI-automated services such as savings, bill switching and investments directly to users. existing bank accounts.
The company operates across Europe and offers ETF products and individual savings accounts in the UK. In November, Plum signed an agreement with Greek bank Eurobank to buy a minority stake in Plum and plans to invest up to $10.9 million.
Plum’s Eurobank deal led to this new institutional funding round despite a “difficult” market for fundraising, Trokoudes told Business Insider.
“Strategic corporate partnerships can be a catalyst for funding rounds,” he told BI. “If a fintech is positioned correctly, higher interest rates mean you are at the peak of customer acquisition and revenue, which presents new growth opportunities.”
Plum had already raised $14 million in a Series A funding round in 2021.
This latest deal includes funding from new investor iGrow Venture Capital, as well as previous backers including Venture Friends and Ventura Capital, and additional funding from Eurobank.
The company also announces that it has raised an additional £2.8 million (approximately $3.6 million) through crowdfunding, giving it a pre-money valuation of £135 million.
Trokoudes refused, Comment on Plum’s review of his B series.
The new capital will be used to hire senior executives and expand the company’s presence in Greece, where it has an office. The company is on track to be profitable in 2025, Trokoudes said.
Check out Plum’s 16-slide pitch deck below: