London-based fintech startup Plum ramps up $14M to supercharge expansion in Europe

With a mission to banish financial instability, London-based fintech startup Plum has announced a first close of new funding that will supercharge the company’s expansion and bolster its growth as Europe’s ultimate money management app.

The first close of $14 million is part of an anticipated $24 million Series A. The round is led by a consortium of noted investors, including new partners dmg ventures and Ventura Capital, who have previously invested in scaleups such as Cazoo and Farewill (dmg) and Railsbank (Ventura). The new investors are joined in this round by previous Plum backers Global Brain, VentureFriends and 500 Startups.

The platform 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.

Aimed at reducing financial instability, the startup was founded in 2016. The platform acts like a brain by automating the parts of personal finance that people find difficult or don’t have time for.

The new funding comes after a period of steep growth, as savers and investors across Europe look to fintechs to help them grow their wealth in the wake of the COVID-19 pandemic. The company has seen connected customer numbers double in the past year, with more than 1million people across Europe now saving and investing with Plum. It has saved more than $1 billion for customers since its inception and was recently ranked the most popular choice during the pandemic out of 10 investment apps.

The company is planning to give customers a chance to share in its success too, with a new crowdfunding round opening on Crowdcube later in October. It has seen record-breaking interest in the campaign so far, with more than 20,000 people registering interest in the round in the first 12 hours of the campaign launching.

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