UK fintech Plum signs strategic partnership with Greece’s Eurobank, lands €10m investment
UK-based smart money app Plum has entered a strategic partnership with Eurobank which will also see the Greek firm make a €10 million investment in the start-up.
The minority equity investment includes an initial tranche of €5 million, which was secured in November. The second €5 million tranche will then form part of a larger €15 million funding round that Plum plans to close early next year with participation from additional institutional investors.
With the help of the new strategic partnership, Plum intends to grow its presence in Greece as well as the surrounding region, with the goal of onboarding 700,000 active customers in Greece by 2027.
Founded in 2016 and based in London with offices in Greece and Cyprus, Plum leverages AI to help people automate their savings and investments through its mobile app. It claims to have onboarded more than 1.8 million customers across Europe and more than doubled its revenue in the past year.
With this newly forged partnership, it hopes to reach profitability by early 2025, as well as launch new products in the upcoming year.
Describing Eurobank as “one of Europe’s standout financial institutions”, Viktor Trokoudes, CEO and founder of Plum, says having the firm as an investor and strategic partner will bring “extra value” to the fintech and help it “secure a large market share in Greece and Europe more generally”.