Plum Raises £16 Million To Drive Towards Profitable Future
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Plum has secured £16 million in a Series B investment round. This impressive total includes £13.4 million from institutional investors and an additional £2.7 million from a highly successful crowdfunding initiative.
With more than 2 million users and £1 billion in assets managed, Plum is targeting profitability by 2025. The funds will help expand operations in Europe, especially in Greece, through a partnership with Eurobank.
Eurobank Has Invested £10 Million In Plum
Among the prominent investors is Greece’s Eurobank, contributing £10 million. New key investor iGrow Venture Capital also participated, alongside existing supporters Venture Friends and Ventura Capital. The crowdfunding campaign, run through Crowdcube, drew more than 5,500 investors from all over the UK and EU, making it the most popular campaign on the platform this year.
Since its inception in 2017, Plum has grown quickly and now has over 2 million users in 10 European countries. The total value of assets managed by the company has recently exceeded £1 billion, tripling in just one year.
This expansion has been greatly fueled by the introduction of Plum’s Cash ISA, which has enabled more organic customer acquisition in the UK at a low cost. The company’s revenue has almost doubled year-on-year, bolstered by strong subscription streams and a 40% rise in average revenue per customer.
Plum Is Set To Become Profitable By 2025
According to Victor Trokoudes, the founder and Chief Executive Officer of Plum, the past year had been exceptional for the company.
The latest funding round is showcasing the team’s effort and the value they offer to customers across Europe. He remarked that the necessity for a smart app to help people grow their money has never been more pronounced, and Plum is already serving millions in this capacity.
Victor further said the team is not relaxed but focused on the next agenda and the task ahead of them. He pointed out that, after the success of the Cash ISA in the UK and ETFs in Europe, the company is well-positioned to achieve profitability, a significant and crucial milestone.
Trokoudes also mentioned that they have groundbreaking products in development that will further enhance the app for their users, making it an exciting period for the company.
The firm is set to achieve profit by 2025, which would be a major achievement that will draw much attention to the organization’s strategic goal, for smooth running and efficiency. These present supplies will be very useful in the improvement of products and scaling operations.
