Plum & Eurobank: a new strategic partnership in Greece

With an initial investment of €5M from the Greek giant Eurobank, Plum will definitively establish itself as a major provider of saving and investing solutions in the country. Read on to find out what Plum CEO and Founder Victor Trokoudes has to say about this new strategic partnership.

A look back on Plum’s success

Plum’s performance has been standout in terms of growth and product releases. We’ve grown our customer base 1.3x to 1.8m across Europe, helped people set aside a huge £2.2 billion and more than doubled our revenue in the past year alone.

Our success has also been recognised in numerous ways. Plum was named the “Best Personal Finance App” in the British Bank Awards 2023, and we held our position as one of the UK’s fastest-growing startups in the prestigious Deloitte Fast 50.

As a business, we’ve always had our sights on the European market. Plum is already available in 9 countries outside the UK, extending our reach to a whole new customer base. We know that across Europe, around one in three people have no savings, while 108 million people don’t know how to invest. So there is certainly demand for a smart money app like Plum.

Now, our strategic partnership with Eurobank in Greece will enable us to ramp up our efforts to secure a larger share of the Greek market. Eurobank is one of the largest financial institutions in Greece and one of the country’s four largest lenders. With a presence in Greece, Cyprus, Luxembourg, Bulgaria and the UK (London), the Eurobank Group has €80.5 billion in total assets and a network of 540 branches in Greece and abroad. 

This is the first partnership of its kind in fintech and underpins how large banks need to be agile to reach a younger, more demanding and diverse demographic. It’s our goal that, together with Eurobank, we’ll have more than 700,000 active customers using Plum in Greece by the end of 2027. 

The partnership is accompanied by a minority equity investment from Eurobank of €10m, the first tranche of €5m having happened in November. Plum aims to conclude a second close of €15m+ in Q1 2024, with other institutional investors on board alongside a further committed investment of €5m from Eurobank.

A note from Victor Trokoudes, CEO and Founder of Plum says

“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.”

What does 2024 have in store for Plum?

Beyond the partnership, customers have other reasons to be excited too. On the roadmap, we’re continuing to prioritise products that will help maximise people’s wealth for life, namely the tax wrappers Cash ISA and Lifetime ISA in the UK, and new investment products in the EU such as ETFs.

The whole team at Plum are also working hard on creating new ways to automate the parts of finance that people find difficult — empowering them to take action, grow their financial confidence and, ultimately, set them up for life.

We held a company-wide hackathon recently to explore new and innovative ways for Plum to enhance users’ wealth journey using AI. And we want to bring those to life in the app next year too.

So, with all of that, 2024 is on track to be Plum’s most exciting year yet. Watch this space.