Plum and Eurobank enter a new strategic partnership in Greece
12:11 - 01 December 2023
Following an initial investment of €5 million from the Greek Eurobank, smart money app Plum has become even better poised to establish itself as a major provider of saving and investing solutions in Greece, the company, which also has a presence in Cyprus, notes.
Commenting on the development, Victor Trokoudes, CEO and Founder of Plum, said, “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.”
As also noted in an announcement on Plum's bog, meanwhile, "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."
Plum's blog went on to underline, "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."
It is also worth noting that, according to Plum, 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.