Smart money app Plum has secured £15m in debt financing from global financial group BBVA, following a transformational year of delivery.

In the last year, Plum successfully launched key products across Europe, like ETFs in the EU and Cash ISAs in the UK, while accelerating its acquisition and building new AI capabilities to maximise on the potential of the technology for its customers. 

Following these developments, Plum has grown its customer base to over 2 million users, and helped people set aside over £5 billion. Its revenue has also grown more than fourfold in the last 3 years. 

Plum plans to use the new funds to support the execution of its ambitious roadmap as it aims to achieve operational profitability in 2025. This roadmap includes refining the existing offering to optimise the customer experience, exciting new product launches, and positioning Plum for significant scaling in Europe with end-to-end app enhancements and marketing investment. 

Victor Trokoudes, CEO and founder of Plum said:

“We’re excited to have secured this new financing from BBVA. We had ambitious plans in 2025, and this funding will help us to achieve them. 

“While inflation is far nearer 2% than a couple of years ago, many people are struggling with the cost of living, and need help to build their financial resilience. But they don’t know where to start or find that financial products are too expensive and too complicated.” 

“Plum is changing this, having already made money management easier for over 2 million people through automation and AI. We’re developing new ways to harness the incomparable potential of AI, and can’t wait to bring these new solutions to our customers. With this funding, we can push further with even stronger features, winning in the European market with our standout proposition”. 

The deal reflects BBVA’s growing commitment to the UK as a key lender in Europe's leading hub for entrepreneurship and venture capital. In line with this, the bank set up a new team in London to strengthen its presence in Europe last October. This move followed rapid growth in markets such as Argentina, Colombia, Spain and Mexico, where BBVA has supported more than 1,500 clients and committed close to €600m in credit.

“We are proud to support Plum’s expansion in Europe and be part of their exciting growth story. Victor and his team have a clear vision for 2025 and beyond that I believe they will sharply execute successfully,” said Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe. “This marks our first financing deal in the UK: a key milestone, both for the importance of the market and for the growth of our business across the continent.”

BBVA joins existing seasoned investors and financing partners including Eurobank, dmg ventures, Global Brain and Venture Friends in supporting the fintech to grow and scale.