Plum secures €10M funding from Eurobank

Good cash app Plum introduced right this moment a strategic partnership with Eurobank, one of many main Greek monetary establishments, aimed toward providing prospects within the area a totally digital pockets targeted on digital financial savings and investments.

The partnership will assist Plum speed up its growth in Greece and surrounding markets, with the ambition to succeed in 700,000 lively prospects in Greece by the top of 2027. The transfer underpins the agility wanted by giant banks to succeed in a youthful, extra demanding and numerous demographic.

The partnership is accompanied by a minority fairness funding from Eurobank of €10 million, the primary tranche of €5 million having occurred in November. Plum will conclude a second shut of €15 million within the first quarter of 2024, with different institutional traders alongside Eurobank’s €5 million second tranche.

Victor Trokoudes, CEO and Founding father of Plum mentioned:

“This can be a large milestone for Plum, giving us the chance to turbocharge our development within the EU following our success within the UK. The digital traits are promising and there’s a clear hole for an app like Plum to assist Greek shoppers with their cash administration.

“Eurobank is one in every of Europe’s standout monetary establishments and we’re enthusiastic about working with them. Not solely are they investing in Plum, however Eurobank may even be a strategic accomplice which is able to convey further worth. I’m wanting ahead to partnering with them to assist us safe a big market share in Greece and Europe extra typically.”

Plum continues to develop strongly, having onboarded over 1.8 million customers up to now and seen its income greater than double previously yr. This partnership and fundraise intention to convey Plum to profitability by early 2025.

The app has a well-established presence within the UK market and continues to construct on its success, having lately launched a Cash Market Funds product (“Plum Curiosity”) which has seen robust uptake. The corporate can also be launching a variety of latest product varieties within the new yr, together with Money ISA and Lifetime ISA within the UK so as to add to its current offering of tax wrappers and ETFs in Europe.

The corporate is properly on the way in which to replicating its UK success within the EU, having already launched in 10 European markets. The Eurobank deal will enhance Plum’s standing as a serious supplier of funding, financial savings and budgeting options to shoppers throughout south-eastern Europe.

Victor Trokoudes added:

“Many individuals are persevering with to battle with value of residing challenges, and need assistance to construct their monetary resilience. The Plum app is uniquely designed to handle this by means of automation and AI. Now we wish to push additional, successful within the European market with the help of Eurobank. We stay up for seeing the influence of this distinctive partnership.”