Money app Plum expands into 5 countries

Saving and investment app Plum has announced an expansion into 5 European countries: Italy, Portugal, Greece, Cyprus and the Netherlands. The company is now present in 10 markets.

Plum was founded in the United Kingdom in 2016. It helps customers automate savings by setting money aside regularly, according to their goals. Users can also invest in stocks through the app.

Challenging economic period

“This is a challenging economic period as people are experiencing levels of inflation not seen in decades, leading to cost of living challenges”, said co-founder and CEO Victor Troukoudes. “The need for long-term financial resilience has arguably never been clearer and we created Plum precisely to help people tackle this, helping ensure that money management is automated and wealth looked after for the future.”

€1.93 million raised

In October last year, the company held a crowdfunding campaign and raised 1.93 million euros (1.7 million British pounds). A few weeks earlier, it had also held a debt round where it raised 5.66 million euros (5 million British pounds). The capital injection would be used to further establish the app in Europe.

The platform has now doubled its reach.

That moment seems to have come, as the platform has now expanded into 5 more countries in Europe. It is a doubling of the company’s reach, as it was already available in the UK, France, Spain, Ireland and Belgium. Its presence in Europe shows, according to Trokoudes, that Plum is a European company.