London-based FinTech Plum on Friday (Oct. 15) announced the close of a 12 million euro ($13.9 million) Series A funding round, part of an anticipated 20.7 million euro ($24 million) effort that will be used to expand the company and increase interest in its money management app.
Ventura Capital and dmg ventures led Plum’s latest fundraising round. They were joined by previous Plum investors including Global Brain, VentureFriends, 500 Startups and several angel investors.
Plum is also launching a crowdfunding round on Crowdcube this month that saw more than 20,000 people register in the first 12 hours of the campaign.
Plum expects the total amount of investor funding to top 37.3 million euro ($43.2 million) when the Series A round closes, and its valuation to triple compared to the most recent funding round in July 2020.
Plum says it’s saved its 1 million-plus customers across Europe more than $1 billion since its inception. The company launched the Money Maximizer subscription service, an automated budgeting tool that maximizes the interest on spending money, and a smart pension product that sets money aside for retirement.
Plum is available to 119 million people in the EU, and plans to cover 316 million people (more than 70% of the EU’s population) by the end of 2022, including launches in the Netherlands, Portugal, Belgium, Italy, Finland, Austria and Germany.
“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,” said Victor Trokoudes, CEO & co-founder of Plum, in the company announcement. “But there’s a lot more work to be done.
“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,” he said. “With the help of this new investment and our upcoming crowdfund, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.”