Plum returns to the crowd after $5 million debt financing from Silicon Valley Bank

Smart money app Plum is to launch its third crowdfunding round after picking up £5 million in debt financing from Silicon Valley Bank.

Plum last ran a public campaign on Crowdcube that generated $8 million in fresh capital alongside a $24 million Series A in November last year.

In the intervening period, the company has launched commission-free investing, expanded into new European markets, enabled crypto trading and launched a debit card.

Following these developments, Plum has grown its customer base to 1.4 million, an almost 50% increase in the last year.

Victor Trokoudes, CEO and co-founder of Plum says: “Many people are struggling with the cost of living, and need help to build their financial resilience. Our app is designed to address this, having already made money management easier for over 1.4 million people. So we want to now push further with even stronger features, winning in the European market with our standout proposition.”