Plum secures €10M investment from Eurobank
Smart money app Plum announced today a strategic partnership with Eurobank, one of the leading Greek financial institutions, aimed at offering customers in the region a fully digital wallet focused on digital savings and investments.
The partnership will help Plum accelerate its development in Greece and surrounding markets, with the ambition to reach 700,000 active customers in Greece by the end of 2027. The move underpins the agility needed by large banks to reach a younger, more demanding and diverse demographic.
The partnership is accompanied by a minority equity investment from Eurobank of €10 million, the first tranche of €5 million having happened in November. Plum will conclude a second close of €15 million in the first quarter of 2024, with other institutional investors alongside Eurobank’s €5 million second tranche.
Victor Trokoudes, CEO and Founder of Plum said:
“This is a huge milestone for Plum, giving us the opportunity to turbocharge our growth in the EU following our success in the UK. The digital trends are promising and there is a clear gap for an app like Plum to help Greek consumers with their money management.
“Eurobank is one of Europe’s standout financial institutions and we’re excited about working with them. Not only are they investing in Plum, but Eurobank will also be a strategic partner which will bring extra value. I’m looking forward to partnering with them to help us secure a large market share in Greece and Europe more generally.”
Plum continues to grow strongly, having onboarded over 1.8 million users to date and seen its revenue more than double in the past year. This partnership and fundraise aim to bring Plum to profitability by early 2025.
The app has a well-established presence in the UK market and continues to build on its success, having recently launched a Money Market Funds product (“Plum Interest”) which has seen strong uptake. The company is also launching a range of new product types in the new year, including Cash ISA and Lifetime ISA in the UK to add to its existing oﬀering of tax wrappers and ETFs in Europe.
The company is well on the way to replicating its UK success in the EU, having already launched in 10 European markets. The Eurobank deal will boost Plum’s standing as a major provider of investment, savings and budgeting solutions to consumers across south-eastern Europe.
Victor Trokoudes added:
“Many people are continuing to struggle with cost of living challenges, and need help to build their financial resilience. The Plum app is uniquely designed to address this through automation and AI. Now we want to push further, winning in the European market with the support of Eurobank. We look forward to seeing the impact of this unique partnership.”