London-based money management app Plum announced the first close of its US$14 million Series A round to fuel its expansion plans in Europe.
The company also announced a new crowdfunding round opening on Crowdcube later in October. Plum reports that more than 20,000 people registered interest in the round in the first 12 hours of the campaign launch.
When the Series A closes, Plum said that it expects the total funding to date to have topped US$43.3 million and its valuation to have tripled since the company’s last funding round in July 2020.
The round is led by a consortium of noted investors, including new partners dmg ventures and Ventura Capital, who have previously invested in scaleups such as Cazoo and Farewill (dmg) and Railsbank (Ventura).
The new investors are joined in this round by previous Plum backers Global Brain, VentureFriends and 500 Startups.
Plum’s fundraise also saw the participation of angel investors Francesco Simoneschi, CEO & co-founder of Truelayer, Charles Delingpole, founder and CEO of ComplyAdvantage, and Hugh Strange, VP of Product at Nubank.
The company, which has European bases in Athens and Nicosia, is expected to receive regulatory approval to offer investments in the EU, which will allow Plum to give customers in France, Spain and Ireland access to its US stocks product when it goes live later in the year.
Plum is also planning to offer more assets, building on its forthcoming stocks launch with EU and UK stocks, as well as crypto as an asset class by mid-2022.
Victor Trokoudes, CEO and Co-founder of Plum said,
“Wealth for all is our mission and we’ve made some great strides towards making that reality this year, expanding our user base massively and delivering a product that looks more-and-more like a financial super app.
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.”
