London-based fintech app Plum, which also has offices in Cyprus, announced on Monday that it has secured £15 million in venture debt financing from global financial group BBVA.

According to the announcement, the agreement follows a period of growth and delivery for Plum and is intended to support the company’s path to operational profitability by the end of 2025.

Plum, founded in 2016 by Cypriot-Canadian Victor Trokoudes, has expanded its user base to over 2 million customers and helped people set aside more than £5 billion.

Moreover, the company’s assets under management have now surpassed £1.5 billion, representing a seven-fold increase over the past three years. Additionally, revenue has grown 4.5 times during the same period.

The funding comes on the back of key product launches across Europe, including ETFs in EU markets and Cash ISAs in the UK.

At the same time, Plum mentioned that it has accelerated its user acquisition efforts and built new AI capabilities aimed at making money management easier and more accessible.

“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,” said Trokoudes.

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

He also said that “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,” the Plum CEO pointed out.

“With this funding, we can push further with even stronger features, winning in the European market with our standout proposition,” he added.

The announcement also mentioned that this funding will help Plum refine its product offering, improve user experience, and invest in app enhancements and marketing to support scaling across Europe.

The deal also signals BBVA’s growing presence in the UK, Europe’s leading hub for entrepreneurship and venture capital.

In October 2024, BBVA set up a new team in London to expand its European footprint, following success in markets such as Argentina, Colombia, Spain, and Mexico, where it has supported more than 1,500 clients and committed nearly €600 million in credit.

“We are proud to support Plum’s expansion in Europe and be part of their exciting growth story,” said Donatella Callegaris, BBVA’s Head of Venture & Growth Lending in Europe.

“Victor and his team have a clear vision for 2025 and beyond that I believe they will sharply execute successfully,” she added.

Callegaris also said that “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”.

The announcement also mentioned that BBVA now joins Plum’s group of existing investors and partners, which includes dmg ventures, Global Brain, and Venture Friends.

Plum, which has offices in London, Athens, and Nicosia, was named Best Personal Finance App at the British Bank Awards 2023 and listed among the UK’s fastest-growing companies in Deloitte’s Technology Fast 50.