Tech

Plum FinTech Secures £ 10m of Series A Investment from dmg Venture and Ventura Capital – UK Tech Investment News

  • Plum has announced its first $ 14 million financial results as part of a $ 24 million Series A funding round.
  • Investors include dmg Venture, Venture Capital, Global Brain, Venture Friends and 500 Startups.
  • Francesco Simoneschi (Truelayer), Charles Delingpole (ComplyAdvantage) and Hugh Strange (Nubank) are also participating as angels.
  • Over 20,000 record people have expressed interest in participating in Phase 2 of the round via crowdfunding in just 12 hours.
  • The new round will accelerate the strong growth already seen across Europe and expand investment assets.

Friday, October 15, 2021. London, England. Fast-growing fintech plum Today announces the first end of new funding to boost the company’s expansion, solidifying Plum as Europe’s ultimate funding app.

The initial $ 14 million closing is part of the expected $ 24 million Series A. The round will be led by a consortium of prominent investors, including new partner dmg ventures and Ventura Capital who have previously invested in scale-ups such as Cazoo and Farewill (dmg). And Railsbank (Ventura). New investors will join the round with former plum supporters Global Brain, VentureFriends and 500 Startups.

Plum welcomes support from several prominent names from FinTech Space as part of this round. Truelayer CEO and co-founder Francesco Simoneschi, Comply Advantage founder and CEO Charles Delingpole, and Nubank’s Vice President of Products, Hugh Strange, support Plum as an angel investor from across the sector. It brings a wealth of experience.

The company plans to launch a new crowdfunding round at Crowdcube in late October, giving customers the opportunity to share their success. Plum has shown record interest in the campaign so far, with more than 20,000 people interested in the round in the first 12 hours of the campaign’s launch (1). At the end of Series A, Plum expects total funding to exceed $ 43.3 million and triples its valuation since the last round of funding in July 2020.

This new financing comes after a period of Plum’s rapid growth as it looks to FinTech to help savers and investors across Europe increase their wealth following the COVID-19 pandemic. I am. The company has doubled the number of connected customers over the past year, with more than one million people across Europe saving and investing in Plum (2). Plum has saved over $ 1 billion for its clients since its inception and has recently been ranked among the 10 investment apps most popular during the pandemic (3).

Revenues have increased significantly over the past year, up 189% year-over-year, as more customers streamline their finances by joining Plum’s premium tier. Key subscription features launched in 2021 include Money Maximiser, an automated budgeting tool that streams spending while maximizing interest, and Plum’s first smart annuity, a SIPP that continuously saves money for retirement. The product is included.

At the heart of Plum’s plans following this round is the further expansion of Europe. With European offices in Athens and Nicosia, the company will receive regulatory approval to provide investment in the EU. This will give Plum access to US stock products to French, Spanish and Irish customers at a later date. Year. Plum already covers 26.6% (119 million) of the EU population and by the end of 2022 70.6% (316 million) in the Netherlands, Portugal, Belgium, Italy, Finland, Austria, It will be released in Germany (4).

Product development in 2022 will focus on enabling people to invest wisely in plums. The company plans to do this by offering more assets by mid-2022, based on cryptocurrencies as an asset class, as well as equities to be launched in EU and UK equities. increase. Access to these new asset classes will continue to be central to automation, as ultimately all investment products will be grouped into a splitter within the Plum app, allowing clients to easily and continuously invest in the entire portfolio. Plum cards are also scheduled for later this year to help clients automate their spending in parallel with their investments.

Victor Trokoudes, CEO and co-founder of Plum, commented: It’s like a financial super app. But there is much more to do. The desire for smart and intuitive investment products is huge, and old-fashioned banks are often the only option to increase your money, especially in other parts of Europe. With the help of this new investment and upcoming crowdfunding, our app will be a natural choice for anyone in Europe looking to improve their finances in the long run. ”

Manuel Lopo De Carvalho, CEO of dmg Venture, commented: They are sympathizing with the rapidly growing number of consumers and have an exciting product roadmap for the next 12 months and beyond. Plums bring users financial simplicity and sustainability. There is a great need in a world where everyone is engaged in a brawl of economic consideration. “

-end-

References

  1. Crowdcube internal number.
  2. The internal number of the plum.
  3. AppRadar number for Android download.
  4. Wikipedia number..

Attention to editors

About plums

plum Europe’s ultimate app for managing money. Founded in 2016 by Victor Trokouudes (ex-Wise) and Alex Michael (ex-TicTail), Plum’s mission is to eliminate economic instability and make everyone better throughout their lives. The Plum app works like a brain by automating parts of your personal finances that people find difficult or have no time. It sets aside what each person can pay, finds better deals on daily invoices, provides useful spending insights, and provides a simple platform for easily accessible investments. .. With the iOS and Android apps released in 2019, Plum is now growing to include its own investment platform, pensions, budget analysis, and interest in savings. Plum is headquartered in London, England, with offices in Athens, Greece and Nicosia, Cyprus.

Disclosure

Capital is at risk when investing. Past performance is not a reliable indicator of future results.

Plum is the trade name of Plum Fintech Limited (No. 09952199). Plum Money is the trade name of Saveable Limited (number 09777255). The Plum Fintech Limited and Saveable Limited registration offices are located on the second floor of the Moorgate House on EC2A 2BX, 5-8 Dysart Street, London. Saveable Limited is a wholly owned subsidiary of Plum Fintech Limited.

Plum Fintech Ltd is registered with the Financial Conduct Authority as an account information service provider (FRN: 836158) and an e-commerce agent (FRN: 902844). Saveable Limited is licensed and regulated by the Financial Conduct Authority (FRN: 739214).

Plum is PayrNet Limited’s e-commerce agent. PayrNet Limited is licensed by the Financial Conduct Authority as an e-commerce payment system (FRN: 900594). PayrNet Limited is registered with Kemp House on 152 City Road, EC1V 2NX, London, UK.

Digiqole ads

Plum FinTech Secures £ 10m of Series A Investment from dmg Venture and Ventura Capital – UK Tech Investment News

Source link Plum FinTech Secures £ 10m of Series A Investment from dmg Venture and Ventura Capital – UK Tech Investment News

Back to top button