Smart money app Plum has announced that the company has reached operational profitability for the first time. Plum has reported strong financial growth of 60%+ year on year, along with making £34m in annual recurring revenue (ARR). The app has multiple income streams spanning customer subscriptions, asset-based revenue and transaction
Kirstie Pickering
Smart money app Plum has announced that the company has reached operational profitability for the first time.
Plum has reported strong financial growth of 60%+ year on year, along with making £34m in annual recurring revenue (ARR).
The app has multiple income streams spanning customer subscriptions, asset-based revenue and transaction revenue, which have together contributed to the company achieving the milestone.
Plum has seen steep growth in the last 18 months, taking overall downloads to more than five million. The company now manages around £3bn in assets through its app.
“This is a major step forward for Plum,” says Victor Trokoudes, founder and CEO at Plum.
“We’ve worked very hard on our product to make sure it continues to deliver outstanding benefits for customers. This has paid off as we’ve now reached operational profitability, a key milestone for any company but especially for a fast-growing fintech like us.”
Trokoudes says Plum can now reinvest the profit back into the app, citing the ‘huge opportunity’ offered by generative AI in helping people manage their finances.
