Smart money app Plum today announced a strategic partnership with Eurobank, one of Greece’s leading financial institutions, to offer customers in the region a fully digital wallet focused on digital savings and investments.
The partnership will help Plum accelerate its growth in Greece and surrounding markets, with the ambition to reach 700,000 active customers in Greece by the end of 2027. The move enhances the flexibility that large banks need to reach a younger , more demanding and diverse demographic area.
The collaboration is accompanied by a minority equity investment from Eurobank amounting to 10 million euros, while the first installment of 5 million euros was made in November. Plum will complete a second close of €15m in the first quarter of 2024, with other institutional investors alongside Eurobank’s second tranche of €5m.
Victor Trokoudis, CEO and Founder of Plum said:
“This is a huge milestone for Plum, giving us the opportunity to fuel our growth in the EU following our success in the UK. Digital trends are promising and there is a clear gap for an app like Plum to help Greek consumers manage their money.
“Eurobank is one of Europe’s leading financial institutions and we are delighted to be working with them. Not only are they investing in Plum, but Eurobank will also be a strategic partner that will bring additional value. I look forward to working with them to help us secure a large market share in Greece and Europe in general.”
Plum continues to grow strongly, having onboarded over 1.8 million users to date and has seen its revenue more than double in the past year. This partnership and fundraising aim to bring Plum to profitability by early 2025.
The app has an established presence in the UK market and continues to build on its success, having recently launched a well-received Money Market Funds product (“Plum Interest”). The company is also launching a number of new product types in the new year, including Cash ISAs and Lifetime ISAs in the UK to add to its existing offering of tax-advantaged wraps and ETFs in Europe.
The company is on track to repeat its UK success in the EU, having already launched in 10 European markets. The Eurobank deal will strengthen Plum’s position as a major provider of investment, savings and budgeting solutions for consumers across South East Europe.
Victor Trokoudis added:
“Many people continue to struggle with cost of living challenges and need help building their financial resilience. The Plum app is uniquely designed to address this through automation and artificial intelligence. Now we want to go further, winning in the European market with the support of Eurobank. We look forward to seeing the impact of this unique partnership.”