Earn 4.68% AER (variable) with the Plum Cash ISA (Ts&Cs and ISA rules apply).
Plum enables crypto investing for its customers in Ireland.
29 November 2022
Smart money app Plum is to embark on its third crowdfunding round, following a standout year of delivery.
Since its last crowdfund 12 months ago, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card.
Following these developments, Plum has grown its customer base to 1.4 million, an almost 50% increase in the last year, and helped people set aside £1.4 billion.
These successes have been recognised by Silicon Valley Bank UK, which has recently provided £5 million in debt financing to Plum. The Bank joins existing seasoned investors and financing partners dmg ventures, Global Brain and Venture Friends in supporting the fintech to grow and scale.
Members of the public will be able to join the ranks of these esteemed investors and financial partners in this crowdfunding round, with UK investors potentially able to benefit from EIS tax relief.
Plum plans to use the additional finances from Silicon Valley Bank UK and the forthcoming crowdfunding round to accelerate its European expansion, refine its products further to best serve its customer’s needs and build an even faster, more cohesive app.
Victor Trokoudes, CEO and co-founder of Plum said:
“I want to say thank you to all our 11,000 investors and 1.4 million customers, whose support has been critical to our standout record of delivery in the past year. We’ve worked hard for them, delivering on every major promise we made at our previous crowdfunding round, whether introducing commission-free investing and a debit card, expanding into new European markets and launching crypto trading.
"We’re excited to offer the public another opportunity to own a piece of Plum and join esteemed VCs such as dmg ventures and Global Brain as well as our financing partner Silicon Valley Bank UK on this exciting next chapter. Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition”.
Michaela Brady, Senior Vice President for Fintech, Silicon Valley Bank UK said:
“Silicon Valley Bank UK is excited to partner with Plum as they continue to scale. Plum’s wealth generation solution leverages open banking and AI to automate consumer saving habits; Plum is a great example of where fintechs are driving positive change in the market. We are fortunate to join this syndicate and be a part of Plum’s growth story.”
The new campaign will open later this month on Crowdcube, one of the world’s largest equity crowdfunding platforms, and will be available to both UK and European investors.
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Plum aims to be Europe’s ultimate saving and investing app. Founded in 2016 by Victor Trokoudes (ex-Wise), Plum’s mission is to improve financial resilience and make people better off over their lifetime. The Plum app acts like a brain by automating the parts of personal finance that people find difficult or don’t have time for. It sets aside what each person can afford, finds better deals on everyday bills, offers useful spending insights and provides a simple platform for easy-access investments. The growing Fintech, with 1.3 million users, has raised $46 million in total since being founded and has saved more than £1 billion for customers across Europe. With an iOS and Android app launched in 2019, Plum has grown to include an investing platform, budgeting tools, and the ability to earn interest on money saved. Plum is headquartered in London, UK and has offices in Athens, Greece and Nicosia, Cyprus.
Disclosures
Plum is the trading name for Plum Fintech Limited (no. 09952199). Plum Money is the trading name for Saveable Limited (no. 09777255). Plum Fintech Limited and Saveable Limited's registered office is on Floor 2, 2-7 Clerkenwell Green, London, EC1R 0DE. Saveable Limited is a wholly owned subsidiary of Plum Fintech Limited.
Plum Fintech Ltd is registered with the Financial Conduct Authority as an Account Information Service Provider (FRN: 836158) and an electronic money agent (FRN: 902844). Saveable Limited is authorised and regulated by the Financial Conduct Authority (FRN: 739214).
Plum is an electronic money agent of PayrNet Limited. PayrNet Limited is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN: 900594). PayrNet Limited is registered at Kemp House, 152 City Road, London, EC1V 2NX, UK.
Rajan Lakhani – Head of PR
press@withplum.com