![\"Plum](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2025\/12\/Plum_Victor_0209b-1.jpeg\")
\t\tPlum chief executive Victor Trokoudes\t<\/p>\n\t\t\tMonday 08 December 2025 7:57 am\n\t\t\t<\/p>\n
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\t\tPlum chief executive Victor Trokoudes\t<\/p>\n
Smart money app Plum has managed to secure an e-money licence from the City watchdog, City AM can reveal, even as the volume of application approvals slumps.<\/a><\/p>\n Plum, which was\u00a0founded<\/a>\u00a0by the former head of banking at Wise, Victor Trokoudes, in 2016, has received authorisation to operate as an Electronic Money Institution (EMI) from the Financial Conduct Authority (FCA<\/a>).<\/p>\n The move gives Plum the green light to essentially operate as a bank with a narrower scope by offering online transfers, prepaid cards and managing digital wallets.<\/p>\n The London-based fintech company has more than 2m clients and helps to automate complex aspects of personal finance.<\/p>\n Trokoudes said the new licence was a \u201chuge milestone\u201d that would allow the firm to \u201cbroaden [its] services further and offer new features\u201d.<\/p>\n Plum\u2019s revenue totalled \u00a312.8m in the year ended 31 March 2024, according to Companies House filings, up from \u00a36.2m in the previous financial year. <\/p>\n The fintech<\/a>, which has a headcount of 169 employees, made a loss of \u00a39.6m for the same period, down from \u00a314.3m the year prior.<\/p>\n Plum wins rare backing from FCA<\/p>\n Earlier this year, Klarna received the same stamp of approval from the watchdog<\/a>, allowing it to accelerate its transition into becoming a digital bank.<\/p>\n But other firms have struggled to get the regulator\u2019s seal of approval.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tAI-powered regtech lands \u00a32.1m to help banks dodge FCA fines<\/a><\/p>\n City AM revealed in September that just six e-money licence applications had been granted by the FCA over the course of nine months.<\/p>\n The data also revealed that no EMI licence was granted in the fourth quarter of 2024, despite at least 10 applications under consideration at the time.<\/p>\n The crucial licence permits firms to provide payment services and issue electronic money, making it an essential roadblock for Britain\u2019s fintech startups. <\/p>\n The figures suggest that, despite Chancellor Rachel Reeves\u2019 mission to overhaul regulation and \u201cslash red tape\u201d across the City, regulatory roadblocks remain a major headache for London\u2019s fintechs. <\/p>\n Reeves unveiled her package of reforms for the fintech industry as part of her Financial Services Growth and Competitiveness Strategy in July.<\/p>\n Last week, the Treasury set out new plans for short-term licences to allow fintech startups to kick into action ahead of full approval.<\/a><\/p>\n But the deregulation efforts have been criticised for failing to make waves, with anxiety across the sector rising as Britain slips in global rankings.<\/p>\n Industry leaders told City AM there was \u201cno room for complacency\u201d after new data from think tank Z\/Yen showed Singapore, Hong Kong and Shenzhen had leapfrogged London in global fintech rankings.<\/p>\n \t\t\t\t\tRead more<\/p>\n