London based fintech Plum raises £1m from investors in 8 hours of crowdfunding

Smart money app Plum has secured £1m from investors in the first eight hours of its crowdfund, achieving its initial target.

More than 3,700 people have invested so far, from nationalities spanning the UK, Greece, Cyprus, France, Bulgaria, Belgium and Spain. Further share allocation has been made available and crowdfunding is still open to new investments for five more days.

Given the “challenging macroeconomic environment”, the strong response from a large number of investors, especially from Plum’s customers, is said to demonstrate confidence in the app’s achievements.

Victor Trokoudes, CEO and co-founder of Plum, commented: “I want to thank our 3700 investors for joining Plum in its journey with this new round of crowdfunding. I am thrilled to see that our campaign has secured such good traction in a short amount of time and I am excited for what is yet to come.

“Plum has worked hard to deliver its promises in 2022, bringing major new features to its app, from introducing commission-free investing and a debit card, to expanding into new European markets and enabling crypto-currency trading.

“As we look towards the future, we are eager to push even stronger features, winning in the European market with our standout proposition.”

Following these developments, Plum has grown its customer base to +1.4 million, an almost 50 per cent increase in the last year, and helped people set aside £1.4bn.

Plum is raising funds this year to accelerate its expansion into Europe, refine its products further to best serve its customers’ needs and build an even faster, more cohesive app. It recently announced securing £5m in financing from Silicon Valley Bank UK.

The Bank joined existing seasoned investors and financing partners DMG Ventures, VentureFriends and Global Brain in supporting the fintech to grow and scale. The new campaign is being hosted on Crowdcube, one of the world’s largest equity crowdfunding platforms, and is available to both UK and European investors.

By Matthew Neville – Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →