What is Plum?
Founded in 2016 by Victor Trokoudes, Plums is a UK-based personal finance app that aims to help users save & invest money, manage budgets, and potentially find better deals on household bills. They use AI Algorithms to analyse and spending habits and automate savings, making managing money more efficient and effortless for users.
Popularity of the app stemmed from its active engagement on social media and its goal to make saving & investing easy. This created recognition and trust for users using the brand and in 2023, Plum was named the “Best Personal Finance App” reflecting its strong customer satisfaction within the fintech community.
Plum built a strong brand identity with a relatable tone on social media platforms. This resonated with younger audiences on TikTok which was tailored towards them. Going so far as to launch a 52-week saving challenge in 2020 which was massivley promoted by influencer partnerships.
£15 million Finance deal
Plum has recieved a £15 million deal in venture debt financing from Spanish banking service BBVA making this their first financing deal in the UK,”A key milestone, both for the importance of the market and for the growth of our business across the continent” said by Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe.
Plum plans to use these new funds to support its roadmap and achieve operational profitability in 2025. The roadmap includes refining the customer experience, new product launches and a massive scaling in Europe.
This deal reflects BBVA’s commitment to the UK to become a key lender in Europe’s forefront for venture capital and entrepreneurship. Alongside this deal, BBVA has a new team based in London last October to broaden its presence in Europe.
