Plum launches new Crowdfunding round with £5 million funding from SVB

Smart money app Plum is set to embark on its third round of crowdfunding, following an unprecedented year of delivery.

Since its last crowdfund 12 months ago, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card.

Following this development, Plum has grown its customer base to 1.4 million, an increase of almost 50% in the past year, and helped people save £1.4 billion.

These successes have been recognized by Silicon Valley Bank UK, which recently provided £5 million in debt funding to Plum. The bank joins existing experienced investors and funding partners dmg ventures, Global Brain and Venture Friends to support fintech to grow and scale.

Members of the public will be able to join the ranks of these renowned investors and financial partners in this crowdfunding round, with UK investors potentially benefiting from EIS tax relief.

Plum plans to use the additional funding from Silicon Valley Bank UK and the upcoming crowdfunding round to accelerate its European expansion, further refine its products to best meet customer needs and build an even faster, more cohesive app.

Victor Trokoudes, CEO and co-founder of Plum said:

“I want to say thank you to all of our 11,000 investors and 1.4 million customers, whose support has been essential to our outstanding delivery record over the past year. We have been working hard for them, delivering on all the big promises we made in our previous crowdfunding -round, whether we introduced commission-free investment and a debit card, expanding to new European markets and launching crypto trading.

“We are delighted to offer the public a new opportunity to own part of Plum and join renowned VCs such as dmg-ventures and Global Brain, as well as our funding partner Silicon Valley Bank UK in this exciting next chapter. Many people are struggling with the cost of living, and need help building their financial resilience. Our app is designed to solve this, having made money management easier for over 1.4 million people. So we now want to push forward with even stronger features, and win in the European market with our unique proposition”.

Michaela Brady, Senior Vice President of Fintech, Silicon Valley Bank UK said: “Silicon Valley Bank UK is delighted to partner with Plum as they continue to scale. Plum’s wealth generation solution leverages open banking and artificial intelligence to automate consumer savings habits; Plum is a great example of where fintech is driving positive change in the market. We are fortunate to get to join this syndicate and be part of Plum’s growth story.”

The new campaign will open later this month on Crowdcube, one of the world’s largest equity crowdfunding platforms, and will be available to both UK and European investors.