The Block: Savings and investment app Plum secures $14 million of funding

Plum, the London-based investment app, has secured $14 million of what it hopes will be a $24 million Series A raise, according to a press release.

New investors in the business include dmg ventures and Ventura Capital, alongside existing backers Global Brain, VentureFriends and 500 Startups. Angel investors Francesco Simoneschi, co-founder and CEO of TrueLayer, and Charles Delingpole, founder and CEO of ComplyAdvantage, have also invested.

The raise will be followed by a campaign on the equity crowdfunding site Crowdcube later in October, for which more than 20,000 potential backers have registered interest.

Plum uses an algorithm to automatically save money for users, as well as to help them invest. The Block revealed in February that the startup is exploring the launch of crypto investments. This new asset class is expected to go live in mid-2022. The company is also mulling the launch of a spending card for later this year.

Victor Trokoudes, Plum’s co-founder and CEO, said the company is “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,” he added.

In its press release, Plum said it has seen customer numbers double in the past year, taking it over the one million user mark. The startup’s revenues are up 189% year-on-year over the same period.