Plum Fintech Raises $10M to Fuel European Expansion
London and Athens-based fintech startup Plum has secured an additional $10 million in funding to accelerate its mission of helping users build financial resilience through its AI-powered money management app. The latest investment round was led by Japan’s Global Brain and the European Bank for Reconstruction and Development (EBRD), with continued support from early investor VentureFriends and the UK government’s Future Fund.
Key Funding Highlights
- Total raised to date: $19.3M since its 2016 founding by ex-TransferWise employee Victor Trokoudes and Alex Michael.
- Investor confidence: Backing from Global Brain and EBRD underscores Plum’s potential in the competitive fintech space.
What Makes Plum Stand Out?
Plum differentiates itself by offering more than just basic budgeting tools. The app serves as a comprehensive financial hub, combining savings, investments, and smart analytics to help users optimize their finances.
Core Features:
- AI-Driven Savings: Analyzes bank transactions to automate round-ups and regular savings.
- Investment Options: Users can open ISA accounts and invest in themed portfolios (e.g., ethical companies or tech stocks).
- Splitter Tool: Allocate savings between Plum pots and investments with customizable percentages (0-100%).
- Multi-Account Visibility: Recently added support for linking all bank accounts (previously limited to one), providing a unified financial overview.
New Updates & Roadmap
- Interest-Bearing Savings: Paid users earn 0.6% (instant access) or 0.75% (95-day notice), while free-tier users get 0.35%.
- Open Banking Payments: Planned integration to enable direct payments within the app.
- Potential Plum Card: A future complementary feature, though not a core offering like compe*****s.
Expansion Plans
With fresh capital, Plum aims to launch in Spain and France by the end of 2020, targeting 5 million users across Europe by 2021. The company currently boasts:
- 1 million registered users in the UK.
- 60+ employees across London and Athens, scaling to 80 by year-end.
Investor Perspective
Naoki Kamimaeda, Partner at Global Brain, praised Plum’s unique positioning:
“Plum has a bold ambition to be a financial partner for individuals, helping them save and manage money more effectively. Its innovative approach aligns with the growing global demand for fintech solutions.”
Plum’s latest funding and feature enhancements solidify its role as a rising star in the personal finance management sector, poised to redefine how Europeans interact with their money.
🚀 Technology Solutions & Recommendations
Enhance your tech capabilities with these cutting-edge products that complement the technological innovations discussed in this article:
🛍️ Featured Product 1: HND – Mini Packing Bag
Image: Premium product showcase
Just as Plum’s smart app helps users manage their money efficiently, the HND Mini Packing Bag helps travelers and professionals stay organized—ideal for those who value smart solutions in both finance and everyday life.
The HND – Mini Packing Bag is your smart companion for organizing small essentials, just like Plum helps you organize your finances. Compact yet spacious, this lightweight bag keeps your valuables secure and accessible wherever your financial journey takes you—whether you’re budgeting at home or expanding your horizons abroad.
Key Features:
- Compact design perfect for travel or daily use
- Durable, water-resistant material to protect your items
- Multiple compartments for smart organization
- Lightweight and portable for convenience on-the-go
🔗 View Product Details & Purchase
🛍️ Featured Product 2: HKT – Bath Mat
Image: Premium product showcase
Just as Plum helps users manage their finances smartly and securely, the HKT Bath Mat provides a smart, reliable solution for everyday comfort and safety. Both products emphasize convenience and trust in their respective domains—financial tech and home essentials.
The HKT Bath Mat offers smart comfort for your daily routine, much like Plum’s smart money management app simplifies financial resilience. Designed with ultra-absorbent microfiber, this bath mat keeps your floors dry while adding a touch of modern elegance to your bathroom. Its non-slip backing ensures safety, just as Plum ensures security for your finances.
Key Features:
- Ultra-absorbent microfiber material
- Non-slip rubber backing for safety
- Quick-drying and machine washable
- Modern design to complement any bathroom
🔗 View Product Details & Purchase
💡 Need Tech Consultation? Our technology experts are ready to help you implement the perfect solution for your digital transformation needs!
