Plum gets $14 million in funding as it enters race for super app
Plum, a money management app launched in 2017, has announced that it has raised $14 million in its Series A funding round from a host of investors that include Ventura Capital, dmg ventures, Global brain, and others.
The Series A round is expected to yield a total of $24 million which it is expected to use for growth and expansion both vertically and horizontally. It is expected to increase the user base by growing into different regions of the world and also would be looking to add more features to the platform to make it more user-friendly. The platform was launched in 2017 by former TransferWise employees Victor Trokoudes and Alex Michael of TicTail. The platform uses artificial intelligence to study user behavior across various parameters and designs customized products for its users that would help them in personal finance, like in making savings or investments as well. The company has grown very strongly in recent years which is the result of it becoming a prime target of many investors with the revenue reportedly growing by over 189% year on year.
Victor Trokoudes, CEO & co-founder of Plum, stated: “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. But there’s a lot more work to be done.”
“The appetite for smart and intuitive investment products is enormous, particularly in other parts of Europe where often old-fashioned banks are the only option for growing your money. With the help of this new investment and our upcoming crowdfunding, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.”
The company is expected to offer US stock trading to its users in France, Ireland, and Spain later on in the year as it looks to go beyond a money management app and looks to add many more financial tools and features to ultimately make the platform into a financial super app. There is already stiff competition to achieve the title of a super app in the financial services industry with companies like Robinhood, Revolut, Paypal, and others looking to expand their services and their userbase after having seemingly dominated one aspect of the financial services industry. Plum would also be looking to pivot and do the same and this increased competition is likely to benefit the users in the long term.