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
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.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAdditionally, 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.”
