Greek fintech startup Plum has secured a new €12M funding, while it is also launching a crowdfunding campaign on October 18. Investors include UK-based dmg ventures, Dubai-based Ventura Capital, Global Brain from Japan, Greek Venture Friends, and California-based 500 Startups.
“Plum is welcoming support from several notable names from the fintech space as part of this round. Francesco Simoneschi, CEO & co-founder of Truelayer, Charles Delingpole, founder and CEO of ComplyAdvantage, and Hugh Strange, VP of Product at Nubank are backing Plum as angel investors, bringing with them a wealth of experience from across the sector”, the company said in a press release.
The startup, founded by Harvard economics grad Victor Trokoudes in 2017, developed a smart application that helps its users manage money with the help of artificial intelligence. Plum’s application analyses the users’ bank transactions and then tells them how much they can save or invest each month.
Currently, Plum has around 90 employees in offices across the UK, Greece, and Cyprus.
Starting from next week, Plum will also start to offer customers a stake in the company through a crowdfunding campaign, aiming to triple its valuation through a mix of crowdfunding and investments.
So far, the Greek fintech startup has managed to secure more than €32M in funding, with the last round being in July 2020 with investors such as Global Brain, the EBRD, and Venture Friends.
Last year, Plum also registered over one million customers in the UK and managed to secure additional funding to expand on the European market, launching in France, Ireland, and Spain.
“Plum is already covering 26.6% of the EU population (119m people), and plans to cover 70.6% by the end of 2022 (316m people) with launches in the Netherlands, Portugal, Belgium, Italy, Finland, Austria and Germany”, the company says.
Plum’s next plans include launching a Plum debit card, as well as expanding stock trading by the end of the year. Plum also plans to launch a cryptocurrency-based product next year.
“Wealth for all is our mission and we’ve made some great strides towards making that reality this year, expanding our user base massively and delivering a product that looks more-and-more like a financial super app”, Trokoudes said in a statement.
“The appetite for smart and intuitive investment products is enormous, particularly in other parts of Europe where often old-fashioned banks are the only option for growing your money. With the help of this new investment and our upcoming crowdfunding, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term”, he added.
Before Plum, Trokoudes was a part of UK fintech unicorn Wise, leading the team that helped launch the company in 25 new markets.