Smart money app Plum has secured £1m from investors in the first eight hours of its crowdfund, achieving its initial target.

So far, more than 3700 investors from the UK, Greece, Cyprus, France, Bulgaria, Belgium, and Spain have contributed money.

Five more days remain for new investments in the crowdfunding project, and additional share allocation is now accessible.

Given the difficult macroeconomic backdrop, the enthusiastic response from many investors, particularly among Plum’s users, shows faith in the app’s successes.

“I want to thank our 3700 investors for joining Plum in its journey with this new round of crowdfunding. I am thrilled to see that our campaign has secured such good traction in a short amount of time and I am excited about what is yet to come.

“Plum has worked hard to deliver its promises in 2022, bringing major new features to its app, from introducing commission-free investing and a debit card, to expanding into new European markets and enabling cryptocurrency trading. As we look towards the future, we are eager to push even stronger features, winning in the European market with our standout proposition.”

                                                             Victor Trokoudes, CEO and co-founder of Plum.

In response to these events, Plum’s client base increased to +1.4 million, an almost 50% growth over the previous year, and it assisted individuals in saving £1.4 billion.

This year, Plum is seeking funding to quicken the pace of its entry into Europe, improve its products, even more, to better meet the demands of its clients, and create a quicker, more streamlined app. It recently revealed that Silicon Valley Bank UK has provided $5 million in financing. In assisting the fintech business to expand, the Bank partnered with seasoned investors and financing partners dmg ventures, VentureFriends, and Global Brain.

Investors in the UK and throughout Europe can participate in the new campaign, which is being hosted on Crowdcube, one of the biggest equity crowdfunding platforms in the world.