Plum, Europe’s ultimate money management app, has successfully raised a total of $24 million from a Series A funding round that will help propel the company’s expansion into Europe and grow its product offerings. The fintech’s first close of funding raised $14 million and saw notable investment from investors including dmg ventures, Ventura Capital, Global Brain, Venture Friends and 500 Startups. Following this, Plum ran a highly anticipated second round on crowdfunding platform Crowdcube which raised $8 million. The campaign was the fourth most popular Crowdcube fundraise of all time in Europe by number of investors, which reached 9,712. The business also received additional investment from investors, bringing the total fundraise to $24 million. The funding will be used to drive Plum’s expansion through an ambitious growth programme of customer-led developments, following a successful year that saw a 189% increase in year-on-year revenue.
Building on its growth prospects, Plum will soon be launching several innovative new offers to customers, including a US stock investing product which will start opening to customers from early December. A full rollout will follow in Q1 2022, with the stocks feature being added to the Plum Splitter later in the year, enabling customers to invest easily and continuously using its automated functionality. The fintech is also developing a payment card which will, through its sophisticated automated savings service, help customers’ everyday spending and budgeting. Access to EU and UK stocks and crypto assets will follow later in 2022. These developments build towards Plum’s ambition to make it easier for people to manage their money and grow their wealth, exercising good long-term financial habits that will help them throughout their lives.