What is more, Cypriot-regulated fintech did not submit its annual report for 2023 on time.
The Cyprus Securities and Exchange Commission (CySEC) has imposed a €30,000 fine on smart money management app Plum for multiple violations of "prudential requirements."
The enforcement action stems from several compliance failures identified during CySEC's supervision. The regulator found that Plum Money CY Limited, the regulated company behind the fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term brand, failed to maintain adequate own funds consisting of required capital tiers as of December 31, 20231.
The company should not feel the financial burden of the relatively low fine. Especially, it just raised £16 million, successfully closing series B funding round.
The funding comes as the fintech firm has seen its assets under management (AUM) grow significantly, reaching over £1 billion in the past year.
The latest round was led by iGrow Venture Capital, with additional investments from existing backers like Venture Friends and Ventura Capital, and a further contribution from strategic partner Eurobank. The crowdfunding Crowdfunding Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Crowdfunding is defined as funding of a project via raising smaller denominations of money across a large body of number of people.New businesses that need access to more capital may also conduct crowdfunding. Generally, crowdfunding is performed through an online community, social media, or crowdfunding websites such as Kickstarter, GoFundMe, and RocketHub. Depending upon which jurisdiction an investor resides within will dictate the sort of restrictions that are applied to the crowdfunding pro Read this Term segment, hosted on Crowdcube, attracted more than 5,500 investors from the UK and EU, making it one of Crowdcube's most popular campaigns this year.
In the past year, Plum expanded its services to several new markets, including Italy, Portugal, the Netherlands, Greece, and Cyprus. The platform offers automated saving options for retail clients and commission-free access to invest in a range of U.S. stocks, with up to 3,000 available for trading, alongside a VISA debit card for additional financial flexibility.
Additionally, Plum has partnered with cryptocurrency service provider Bitpanda, allowing European customers to trade major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
The company also announced the appointment of Erinoula Kyrantonis as Head of Branding and Communications. Kyrantonis will oversee Plum's brand strategy and maintain consistent messaging across channels, bringing experience from her past roles with brands like Red Bull and Vita Coco.
Plum Money operates as a smart money management app offering automated savings and investment services to European customers. The company is regulated in Cyprus and provides services across the EU under its CySEC license.