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Plum: The AI-based fintech app announces partnership with Eurobank, snaps €10M funding

Plum team. Image credit; Plum

The rise of Artificial Intelligence (AI), particularly in the finance sector, has established a new benchmark for personal financial management. The incorporation of AI in finance addresses the evolving needs of customers seeking intelligent, seamless, and secure avenues for accessing, saving, spending, and investing their money. Notably, numerous banking and fintech entities are expanding their services, delving into the realm of AI-driven personal finance assistants.

London-based Plum, a smart money app leveraging AI to develop personal savings solutions, is making significant strides in this arena. Plum recently unveiled a strategic partnership with Eurobank, a leading Greek financial institution. The collaboration aims to introduce a fully digital wallet tailored for digital savings and investments, catering to customers in the Greek region and surrounding markets.

With this alliance, Eurobank has pledged a minority equity investment of €10 million in Plum. The initial tranche of €5 million was successfully completed in November. The UK fintech anticipates a second close of €15 million in Q1 2024, with additional institutional investors joining forces with Eurobank’s €5 million contribution in the second tranche.

The collaboration with Eurobank marks a crucial stride for Plum in accelerating its presence in Greece and neighbouring markets. The goal is to reach 700,000 active customers in Greece by the end of 2027. This partnership underscores the imperative for major banks to swiftly adapt to cater to a more diverse, demanding, and younger demographic.

Victor Trokoudes, CEO and Founder of Plum says, “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.”

Accelerating growth and revenue goals

Plum boasts a robust growth trajectory, having onboarded over 1.8 million users and witnessing a revenue surge of over 100% in the past year. This strategic collaboration and funding aim to steer Plum towards profitability by early 2025.

The app’s strong presence in the UK market continues to expand, recently introducing a Money Market Funds product (“Plum Interest”) with substantial user adoption. The upcoming year will witness the launch of new products like Cash ISA and Lifetime ISA in the UK, augmenting its existing range of tax wrappers and ETFs in Europe.

Expanding reach and addressing financial challenges

With a foothold in 10 European markets, Plum positions itself as a key provider of investment, savings, and budgeting solutions across southeastern Europe, bolstered by the Eurobank deal.

Victor Trokoudes emphasised Plum’s commitment to aiding individuals grappling with cost-of-living challenges, citing the app’s unique design tailored for automation and AI-driven financial resilience-building capabilities.

Headquartered in London and established in 2016 by Victor Trokoudes (ex-Wise), Plum’s mission is to be the definitive smart money app that aims to optimise wealth for all. Serving over 1.8 million customers across Europe, Plum simplifies and automates personal finance aspects, especially in areas people often find difficult to manage themselves, enabling effortless saving, empowered spending, and accessible investing. Plum was named Best Personal Finance App at the British Bank Awards 2023 and was named one of the fastest-growing companies in the UK by the Deloitte Technology Fast 50 2023.

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