Plum, a British fintech startup has raised $17.3 million in Series B funding.
Founded in 2017 by Victor Trokoudes, who previously worked at listed fintech Wise, London-based Plum offers AI-automated services like saving, bill switching, and investments directly to users’ existing bank accounts.
The company operates across Europe, offering ETF products and cash individual savings accounts in the UK. In November Plum signed an agreement with Greek lender Eurobank to buy a minority stake in Plum, with 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. “When a fintech is set up correctly, higher interest rates mean you’re at the peak of customer acquisition and revenues, offering new avenues for growth.”
Plum previously raised a $14 million Series A funding round in 2021.
This latest deal comprises funding from new investor iGrow Venture Capital alongside previous backers, including Venture Friends and Ventura Capital, and additional funding from Eurobank.
The company is also announcing that it has raised an additional £2.8 million, about $3.6 million, from crowdfunding, which came at a pre-money valuation of £135 million.
Trokoudes declined to comment on Plum’s valuation from its Series B.
The new capital will be used to make senior hires at the business and expand its presence in Greece, where it has an office. The company is on course to be profitable in 2025, Trokoudes said.
Check out Plum’s 16-slide pitch deck below:
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Source Link: https://www.businessinsider.com/plum-london-money-management-fintech-raises-17m-series-b-funding-2024-7
Plum: London Money Management Fintech Raises $17.3m Series B Funding:
Plum, a British fintech startup has raised $17.3 million in Series B funding.Founded in 2017 by Vict…
