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- London-based fintech startup Plum has raised $10 million in fresh VC funding amid a boom in its services during coronavirus.
- Founded in 2017, the financial management app raised funds from Global Brain and the EBRD to expand its services and products across Europe.
- “Covid has really accelerated the conversation around money management and fintech,” Victor Trokoudes, CEO and cofounder of Plum, told Business Insider.
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Money management startup Plum, founded in 2017 by former TransferWise employee Victor Trokoudes and Alex Michael, raised $10 million in fresh funding.
The new round is led by Japan’s Global Brain and the European Bank for Reconstruction and Development (EBRD). Existing investors VentureFriends also contributed, and the private funding has also been matched with £2.5 million as part of the UK government’s Future Fund scheme.
This raise takes Plum’s total funding to $19.3 million.
“Covid has really accelerated the conversation around money management and fintech,” Victor Trokoudes, CEO and founder of Plum, told Business Insider in an interview. “As a result we accelerated our conversations with investors to make our plans into a reality.”
Plum uses AI to automate key parts of personal finance, such as saving, switching bills and investing. The company will use the funds to expand its product offering with this fundraise by moving into pensions while also expanding geographically to France and Spain.
In June, the company reported an increase of five-fold increase in consumer saving since January 2020 and a 163% increase in utility switching via the Plum app.
Plum employs around 60 people split across London, UK and Athens, Greece. The startup aims to scale up further to 80 by the end of 2020, having already added 35 staff in its product team during the Covid-19 lockdown, according to Trokoudes.
Check out Plum’s redacted pitch deck below: