UK-based fintech startup Plum has raised nearly $14m (£10m) in latest funding round, which was co-led by Ventura Capital and dmg ventures.

The funding round, which is part of an anticipated $24m Series A funding, also saw participation from returning investors Global Brain, VentureFriends, 500 Startups and other angel investors.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Upon completion, Plum expects to have raised $43m and tripled its valuation since the funding round in July 2020.

Plum will use the fund for European expansion and accelerate growth in users as well as revenue.

As part of the expansion plan, Plum is seeking regulatory clearance to offer investment products in the EU.

It will allow Plum to offer US stocks products to customers in France, Spain, and Ireland, where it will go live later this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, by the end of 2022, Plum plans to go live in the Netherlands, Portugal, Belgium, Italy, Finland, Austria, and Germany.

Plum uses AI and works in sync with bank accounts to analyse spending and saving patterns and automate personalised financial decisions for customers.

The fintech is also launching a crowdfunding round this month to top up the latest investment.

Plum CEO & co-founder Victor Trokoudes said: “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 crowdfund, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.”