Eurobank S.A. has announced a significant investment in Plum Fintech Limited, a Cypriot-founded, London-based trailblazing fintech firm. Known for its "smart" money management app, Plum is at the forefront of financial technology, simplifying the complex dance of income, expenses, debts, and investments for its users.

Eurobank's strategic foray includes an initial investment of €5 million, with an additional €5 million pending the fulfillment of certain conditions. This minority stake acquisition is more than a financial venture; it marks the beginning of a commercial partnership, particularly focusing on the Greek market in 2024. AXIA has acted as sole financial advisor to Eurobank.

Plum CEO, Victor Trokoudes stated: “I’m delighted that Plum has secured this funding and strategic partnership. It’s a huge milestone for Plum, and we’re excited to have this opportunity to turbocharge our growth in the EU following our success in the UK. Eurobank is one of Europe’s standout financial institutions so it’s a big endorsement for Plum that we’ve got them on board. Not only are they investing in Plum, but Eurobank will also be a strategic partner which will bring extra value. I’m looking forward to working with them to help us secure a large market share in Greece and Europe more generally. Many people are continuing to struggle with the cost of living challenges, and need help to build their financial resilience. The Plum app is uniquely designed to address this through automation and AI. Now we want to push further, winning in the European market with the support of Eurobank.”

Plum began as a messenger-bot in 2016, keeping users informed about their account balances, and evolved into an app by 2017. The COVID-19 pandemic highlighted the need for effective personal finance management, contributing to Plum's rapid growth. As household saving rates fluctuated dramatically during the pandemic, Plum's relevance soared. By July 2020, Plum had raised $10 million through various investors, expanding its services and geographic footprint.

>> Plum Launches in Cyprus Amidst Rising Need for Personal Finance Management <<

In January 2023, Plum expanded its reach further to an additional five European countries - Cyprus, Greece, Italy, Portugal, and the Netherlands. Victor Trokoudes, Plum's CEO and co-founder, had commented that "bringing Plum to Cyprus was personally important to me, as a born and raised Cypriot. I feel very proud to come back to my home country with a product that can help my fellow citizens build their wealth over the long-term".