Plum raises $14 million
London-based fintech startup Plum Fintech has raised $14 million in a Series A round led by dmg ventures and Ventura Capital. Additional investors include Global Brain, Venture Friends, 500 Startups, Truelayer CEO Francesco Simoneschi, and Charles Delingpole, CEO of ComplyAdvantage.
Founded in 2016 by early TransferWise employee Victor Trokoudes and Alex Michael, Plum describes itself as the ultimate money management app. The app allows users to save, invest, compare bills, and consolidate pension policies, among other things. The app has a free version and those looking to get more can choose between three premium options, with the most expensive one costing £4.99 per month.
Staying on the topic of money management apps, Yolt, the money management app owned by ING Group is shutting down on December 4 2021. After attracting over 1.5 million users, ING decided to discontinue the consumer-facing service and have the Yolt team focus on open banking technology. This move impacts several insurance players that have integrated with the app.
“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 crowdfund, our app will become the natural choice for anyone in Europe looking to improve their finances for the long-term.” – Victor Trokoudes, CEO & co-founder of Plum.
“We’ve been seriously impressed with all elements of Plum and are excited to be supporting the team. They’re striking a chord with a rapidly growing number of consumers and have an exciting product roadmap for the next 12 months and beyond. Plum is bringing financial simplicity and sustainability to its users; much-needed in a world where everyone is dealing with a melee of financial considerations.” – Manuel Lopo De Carvalho, CEO of dmg ventures.