BBVA has granted £15 million in venture debt (17.41 million euros) to fintech startup Plum, marking the Spanish bank’s first venture financing deal in the UK and a significant step in its European growth strategy. The funding will support Plum’s expansion across the continent, enhancing its product offerings and profitability.

Plum, founded by Cypriot-Canadian entrepreneur Victor Trokoudes, uses artificial intelligence and automation to help users manage their finances. The company now serves over two million users and has enabled customers to set aside more than £5 billion in savings. With offices in several European countries, including Cyprus, Plum has been rapidly growing its footprint across the region.

“We’re thrilled to secure this new financing from BBVA,” said Trokoudes, who also serves as the company’s CEO. “We have bold plans for 2025, and this investment will help us deliver them. Inflation may be easing, but many people still face pressure from the cost of living and need tools to build financial resilience.”

In the past year, Plum has expanded its range of financial products with the introduction of ETFs and tax-free savings accounts in the UK, while investing in AI-driven infrastructure to support its European growth.

BBVA, a major player in venture and growth lending, is increasingly active in Europe. Last October, the bank established a new team in London to support its ambitions in the region. The deal with Plum comes after BBVA’s significant activity in Latin American and southern European markets, where it has committed close to €600 million in credit and supported more than 1,500 clients.

“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,” said Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe. “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 execute successfully.”

Trokoudes emphasized that Plum’s mission is to make financial products more accessible. “Still, many people don’t know where to begin, or find financial products too costly and complex,” he said. “Plum is changing that. We’re building new ways to unlock AI’s full potential for financial education, and we’re eager to bring these innovations to our users.”

With the new funding in place, Plum aims to introduce more powerful features and sharpen its value proposition as a leading AI-driven financial tool in Europe.