Smart money app Plum has announced that the company has secured an additional £15 million in capital, in the form of debt financing from Spain based financial group BBVA, following a transformational year of delivery.
The transaction also marks BBVA’s first venture debt financing deal in the UK.
In the last year, London based Plum said it successfully launched key products across Europe, like ETFs in the EU and Cash ISAs in the UK, while accelerating its acquisition and building new AI capabilities to maximise on the potential of the technology for its customers.
Following these developments, Plum has grown its customer base to over 2 million users, and helped people set aside over £5 billion. Its revenue has also grown more than fourfold in the last 3 years.
Plum plans to use the new funds to support the execution of its ambitious roadmap as it aims to achieve operational profitability in 2025. This roadmap includes refining the existing offering to optimise the customer experience, exciting new product launches, and positioning Plum for significant scaling in Europe with end-to-end app enhancements and marketing investment.
Victor Trokoudes (pictured top right), CEO and founder of Plum said,
“We’re excited to have secured this new financing from BBVA. We had ambitious plans in 2025, and this funding will help us to achieve them.
“While inflation is far nearer 2% than a couple of years ago, many people are struggling with the cost of living, and need help to build their financial resilience. But they don’t know where to start or find that financial products are too expensive and too complicated.
“Plum is changing this, having already made money management easier for over 2 million people through automation and AI. We’re developing new ways to harness the incomparable potential of AI, and can’t wait to bring these new solutions to our customers. With this funding, we can push further with even stronger features, winning in the European market with our standout proposition.”
The deal reflects BBVA’s growing commitment to the UK as a key lender in Europe’s leading hub for entrepreneurship and venture capital. In line with this, the bank set up a new team in London to strengthen its presence in Europe last October. This move followed rapid growth in markets such as Argentina, Colombia, Spain and Mexico, where BBVA has supported more than 1,500 clients and committed close to €600m in credit.
Donatella Callegaris (pictured top left), BBVA’s Head of Venture & Growth Lending in Europe said,
“We are proud to support Plum’s expansion in Europe and be part of their exciting growth story. Victor and his team have a clear vision for 2025 and beyond that I believe they will sharply execute successfully. This marks our first financing deal in the UK: a key milestone, both for the importance of the market and for the growth of our business across the continent.”
BBVA joins existing investors and financing partners in Plum including Eurobank, dmg ventures, Global Brain and Venture Friends in supporting the fintech to grow and scale.
About Plum
Plum is the smart money app helping over 2 million customers grow their money, for life. Founded in 2016 by Victor Trokoudes (ex-Wise), Plum helps make saving and investing simpler through automation and AI. So far, the app has helped customers across Europe set aside more than £5 billion. Plum was named Best Personal Finance App at the British Bank Awards 2023 and was named one of the fastest-growing companies in the UK by the Deloitte Technology Fast 50. Plum is headquartered in London, UK, and has offices in Athens, Greece and Nicosia, Cyprus.
