Plum raises £1m in just 8 hours on Crowdcube

By Gloria Methri

Plum, a London-based smart money app, topped its crowdfunding target by raising over £1 million in just 8 hours on Crowdcube. According to reports, more than 4,277 people have invested in the FinTech startup, from countries including the UK, Greece, Cyprus, France, Bulgaria, Belgium and Spain.

The crowdfund comes a week after Plum secured £5 million in a debt funding round led by Silicon Valley Bank. The Bank joined existing seasoned investors and financing partners DMG ventures, VentureFriends and Global Brain in supporting the company’s growth.

Plum is looking to use its latest funding to further expand its European business.

“In just under 8 hours, we have raised over £1 million in our crowdfunding round. Thank you so much to everyone who has invested in us, we can’t wait to bring you along on this next stage of our journey,” the company said in a social media post.

Founded in 2016, Plum is a self-described smart money app that uses AI to automate aspects of personal finance. The app, available on both iOS and Android, helps its users save money by setting aside cash, and lowering bills while investing in commission-free stock and crypto trading. The app also offers a Plum-branded debit card to its users.

Secured $46 million capital since launch

Back in November 2021, Plum raised £18 million in a funding round from DMG Ventures among others. It has since launched a crowdfunding campaign on Crowdcube.

The FinTech passed the initial target of £1 million on the first day and continued crowdfunding over the week. It is the company’s third crowdfunding round.

Plum states that it has raised $46 million in venture crowdfunded capital since its launch. Plum also reports that its customer base has grown to 1.4 million, approximately a 50% increase in 2021, and that it helped users save £1.4 billion.