Greece’s Eurobank makes a €10 million minority equity investment into UK’s Plum

UK’s smart money app Plum managed to secure a €10 million minority equity investment from Eurobank, a leading bank from Greece. The investment comes as part of a strategic partnership in the region.

What makes Plum stand out?

Plum has been on a mission to expand ever since it established itself in the UK in 2016, reaching around 10 European markets so far. It also attracted over 1.8 million users. Greece is simply the next market that the smart money app seeks to conquer in order to establish its presence in south-eastern Europe.

A partnership with Eurobank offers a perfect opportunity to achieve this. The partnership will allow Plum to offer a fully digital wallet to the local market, which stands out thanks to its focus on savings and investments. Plum also aims to reach 700,000 active users in the region by the end of 2027.

As for the Eurobank’s €10 million investment, it will actually be broken down into two separate payments. Half of the amount was already provided to the smart money app, while the additional €5 million will come as part of a €15 million funding round set to take place early in 2024.

Plum is ready to conquer another EU market

Plum has seen great success in terms of revenue during the past year, managing to double it through a number of carefully considered moves, investments, and targeting of the right markets at the right time. The company stated that the partnership with Eurobank, as well as the fundraise expected in 2024, will allow it to bring the company to profitability by early 2025.

Its CEO, Victor Trokoudes, commented by saying that a lot of people struggle with the elevated cost of living, which has brought a number of challenges. These are the people who need help with building up their financial resilience, and Plum can help them achieve this.

The company’s app features a unique design powered by AI and automation which makes it uniquely suited to address such challenges and issues. Furthermore, Plum is ready to push further and win another European market, and Eurobank’s support will be crucial in that regard.

Trokoudes added that this is a huge milestone for Plum itself, and that it gives it the opportunity to turbocharge its growth in the EU, especially after the initial success in the UK. “Eurobank is one of Europe’s standout financial institutions, and we are excited about working with them. Not only are they investing in Plum, but will also be a strategic partner which will bring extra value. I look forward to partnering with them to help us secure a large market share in Greece and Europe more generally.”