Plum to Launch New Crowdfunding Round With £5m Funding From SVB
Smart money app Plum is to embark on its third crowdfunding round, following a standout 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 these developments, Plum has grown its customer base to 1.4 million, an almost 50% increase in the last year, and helped people set aside £1.4 billion.
These successes have been recognised by Silicon Valley Bank UK, which has recently provided £5 million in debt financing to Plum. The Bank joins existing seasoned investors and financing partners dmg ventures, Global Brain and Venture Friends in supporting the fintech to grow and scale.
Members of the public will be able to join the ranks of these esteemed investors and financial partners in this crowdfunding round, with UK investors potentially able to benefit from EIS tax relief.
Plum plans to use the additional finances from Silicon Valley Bank UK and the forthcoming crowdfunding round to accelerate its European expansion, refine its products further to best serve its customer’s 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 our 11,000 investors and 1.4 million customers, whose support has been critical to our standout record of delivery in the past year. We’ve worked hard for them, delivering on every major promise we made at our previous crowdfunding round, whether introducing commission-free investing and a debit card, expanding into new European markets and launching crypto trading.
“We’re excited to offer the public another opportunity to own a piece of Plum and join esteemed VCs such as dmg ventures and Global Brain as well as our financing partner Silicon Valley Bank UK on this exciting next chapter. Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition”.
Michaela Brady, Senior Vice President for Fintech, Silicon Valley Bank UK said: “Silicon Valley Bank UK is excited to partner with Plum as they continue to scale. Plum’s wealth generation solution leverages open banking and AI to automate consumer saving habits; Plum is a great example of where fintechs are driving positive change in the market. We are fortunate to join this syndicate and be a 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.
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