Plum Fintech Limited
Annual Report and Financial Statements
For the year ended 31 March 2025
Company Registration No. 09952199 (England and Wales)
Plum Fintech Limited
Company Information
Directors
A Foteinakis
(Appointed 1 July 2024)
V Trokoudes
M McLoughlin
(Appointed 2 December 2024)
Company number
09952199
Registered office
2-7 Clerkenwell Green
2nd Floor
London
EC1R 0DE
Auditor
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Plum Fintech Limited
Contents
Page
Strategic report
1 - 5
Directors' report
6 - 7
Independent auditor's report
8 - 11
Group profit and loss account
12
Group statement of comprehensive income
13
Group balance sheet
14
Company balance sheet
15
Group statement of changes in equity
16 - 17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 41
Plum Fintech Limited
Strategic Report
For the year ended 31 March 2025
Page 1

Introduction

Plum Fintech Limited ("Plum", "the Company" and together with its subsidiaries: "the Group") is the provider of a UK-based savings and money management app, enabling its customers to save, invest and manage their spending using automation and AI. Founded in 2016, Plum's mission is to help people grow their money for life, automating the parts of personal finance that people cannot dedicate time to. In support of this, the C ompany developed its own technology including its proprietary savings algorithms, Open Banking powered account aggregation as well as many consumer facing features through a mobile app available on both iOS and Android. Plum has continued to strive to identify customers' unique profile behaviours and experiment with methodologies that could give actionable insights aimed at providing users with the best personalised experience relative to their financial situation.

Plum Fintech Limited is registered with the Financial Conduct Authority (FCA) as an Account Information Service Provider (AISP), firm reference number 836158. In addition, the firm was authorised by the FCA as an electronic money agent of Modulr FS Limited, firm reference number 900573.

Subsequent to the year end, in November 2025, Plum’s subsidiary, Plum NewCo Limited, was granted an electronic money licen c e and is now an authorised electronic money institution, firm reference number 1023776.

Business Review

The 2024/25 financial year was characterised by a shifting economic landscape, with the Bank of England beginning to reduce interest rates while inflation gradually moderated. This environment has continued to emphasise the importance of financial resilience, with consumers increasingly focused on maximising returns on their savings whilst maintaining accessibility. Plum has benefited from these trends, with total active users for the year reaching 1.022 million (2024: 0.691 million).

In March 2024, the C ompany launched its market-leading Cash ISA, which grew to over £1.1 billion in AUM by the end of the reporting period. Over the year, Plum paid £28 million in interest - around four times what a traditional bank would have offered in interest on savings deposits. This performance demonstrates clear product market fit and reflects the company’s success in encouraging customers to take control of their savings.

With the completion of Plum’s Series B fundraising in June 2024, the follow-on crowdfunding round in September 2024, and the refinancing of its venture debt facility with BBVA Spark in March 2025, the Group has reinforced its capital base and secured the resources needed to progress its UK growth plans and accelerate expansion across the EU.

The electronic-money licence granted in November 2025 marks an important step in Plum’s regulatory development. The approval allows the C ompany to operate more independently within the financial ecosystem and broaden its product capabilities, helping Plum strengthen its offering and deepen customer engagement as it continues to scale.

Plum Fintech Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 2
Principal Risks and Uncertainties

Strategic Risk

Plum defines Strategic Risk as all events that disprove Plum's main business assumptions and threaten the company's business model and strategy. Plum's strategy is set out and overseen by the Board, which meets regularly to review performance against strategic objectives, assess market developments, and adjust the strategic direction as needed to respond to changing market conditions.

Capital and Funding Risk

Capital Risk is the r isk that Plum does not have sufficient capital to operate its business activities.

To ensure continued compliance with the capital requirements under FCA Regulations, Plum’s Finance and Compliance department s conduct frequent monitoring of the Group's capital and implement corrective measures when any risk of falling below the required threshold is identified.

Funding Risk is the r isk that Plum does not have sufficient sources of funding to meet its obligations. Plum's funding position is managed by the Finance department using early warning indicators and forecasts in order to assess the financing needs of the C ompany.

Plum expects to maintain sufficient capital and funding to support its regulatory requirements and business objectives. The Finance department maintains rolling cash flow forecasts and capital adequacy models, with regular reporting to senior management and the Board to ensure early identification of potential capital or funding constraints.

Financial Crime Risk

As a customer-facing company Plum needs to comply with all applicable regulations. One of the major risks is coming from the significant volume of transactions and the embedded risk of criminal activity and any losses related to it. To mitigate this risk Plum has robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, monitoring customers and transactions regularly. Plum uses a combination of the third-party software and in-house tools to manage all Financial Crime and AML processes.

Operational Risk

As a financial technology company, Plum relies on its people, operational infrastructure and technology. There is an inherent risk of failure of any of those resources. In order to mitigate this risk and as required by FCA, Plum has a Business Continuation Policy in place that is reviewed regularly and has robust real time incident management protocols in place to deal with any issues quickly and effectively as they arise.

Regulatory and Conduct Risk

Plum operates in a highly regulated environment and must comply with requirements set by the FCA. Management of regulatory and conduct risk is therefore one of the highest priorities. This risk has two key elements: regulatory risk, which is the risk of failing to comply with regulations leading to fines, sanctions, or restrictions on business activities; and conduct risk, which is the risk that the firm's or its staff's behavio u r results in detriment to customers or the wider market.

Responsibility for managing th ese risk s sits with senior management and function leads who form the first line of defen c e. Plum's Compliance function provides second line oversight, monitoring regulatory developments, providing advice and training to the business, and undertaking surveillance and regular testing to ensure adherence to applicable rules. The Compliance team works closely with senior management to maintain an open dialogue with the FCA and continues to develop policies and procedures to support ongoing compliance. The Board receives regular updates on regulatory matters.

Plum Fintech Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 3
Principal Risks and Uncertainties (continued)

Interest Rate Risk

Plum's Money Market Fund and Cash ISA products are sensitive to changes in interest rates. Fluctuations in the Bank of England base rate can impact the attractiveness of these products, which may affect customer deposits, assets under management, and income. The company monitors interest rate movements and works with product partners to maintain competitive rates. Management regularly reviews pricing strategies to ensure products remain attractive to customers across different rate environments. Plum's diversified product range, including equity investments alongside cash products, helps mitigate the impact of interest rate volatility.

Third Party Risk

In order to provide its services, Plum will work with a set of regulated financial institutions which provide services to Plum users. These daily operations include aggregation, transactions, compliance, KYC, e-wallet provider and other important servicers. Failure in their systems and/or processes can impact Plum negatively. Plum monitors in real time the performance of its service providers which allows for immediate actions to be taken in case of any disruptions.

Cyber and Data Security Risk

Plum continuously evaluates its security risks, processes and practices and as such, has adopted a number of measures to lower the likelihood and impact of these risks. These include continuous infrastructure and network scanning, security and phishing training for all staff, pen-testing of the application and APIs, and hardening of underlying infrastructure in line with best practices. The Board receives regular updates on cyber security matters and ensures appropriate investment in security infrastructure.

Section 172 Statement

The directors are aware of their duty to comply with s172 of the Companies Act 2006 and have a duty to promote the success of the company. The directors meet on a minimum quarterly basis to review the performance of the business, the product road map and the financial performance of the company. They discuss market conditions which could have an impact on the performance of the company, strategic partnerships and any funding that may be required in the future.

All decisions made by the directors consider the long-term consequences they may have on the business, its activities, the company's employees and relationships with all other stakeholders. All decisions are made in good faith and intend to maintain high standards of business conduct and maintain a good reputation. The Chief Executive Officer updates the shareholders on a quarterly basis through the Platform, including new initiatives within the business, new landmark partnerships and deals and product updates.

The C ompany maintains a good relationship with its customers and suppliers. We believe customer satisfaction is paramount in running a good business and would also not be possible without good supplier relationships.

Plum Fintech Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 4

Employees

As a group, our people are at the heart of our business, supporting our users and working on new products and services every day. We want our people to feel engaged and empowered to deliver great outcomes for our users, to feel that Plum is a great place to work and to be healthier and happier in themselves. In addition to seeking to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business via regular surveys and team meetings. We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation.

Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recogni s ed for their hard work. The monthly 'All Hands' give all members of the C ompany the opportunity to present ideas and achievements to all staff including Senior Leadership. The aim of these meetings is to update the team on the performance of the C ompany and progress against strategy.

Users

We consider our users in everything we do at Plum. Our client success team are committed to responding in a timely manner to the users’ questions and provide meaningful responses.

We regularly hold interviews/surveys with our users to obtain insights and assess how we can improve our offerings to serve the needs and requests of our numerous users.

In addition, we have implemented a range of tools to allow us to monitor, assess and improve the level of support to our users. This will allow us to enhance our communication and interaction with users giving them the best possible service.

Suppliers

We work with a wide range of suppliers both in the UK and globally. We remain committed to being fair and transparent in our dealings with all of our suppliers. The Partnerships & Strategy team have the oversight of the appointment and provision of services by third-party suppliers, including initial and ongoing due diligence. This team updates the Board on a regular basis. The Company has procedures requiring due diligence of suppliers as to their internal governance, including for example, their anti-bribery and corruption practices, data protection policies and modern slavery matters. The Company has systems and processes in place to ensure suppliers are paid in a timely manner.

Community and Environment

The Board's approach to social responsibility, diversity and the community is of high importance. At Plum, we strive to create sustainable value and help users seek more meaningful returns by introducing two ESG (Ethical, Social and Governance) offerings, the 'Balanced' and 'Growth' ESG funds, which promote environmental and social characteristics by including companies based on the impact of their conduct or products on society and/or the environment. Corporate social responsibility principles are part of our culture and decision-making process.

The Board will continue to commit and broaden the company's work and associations with charitable organisations and support events promoting inclusion and diversity.

Plum Fintech Limited
Strategic Report (Continued)
For the year ended 31 March 2025
Page 5

Regulators

We work with our regulators and the government in an open and proactive manner to help develop regulations that meet the needs of all our stakeholders.

We have a risk and control framework to ensure that the Company complies with all legal and regulatory requirements relating to the provision of products and services to our users.

On behalf of the board

V Trokoudes
Director
29 January 2026
Plum Fintech Limited
Directors' Report
For the year ended 31 March 2025
Page 6

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the Group continued to be that of providing digital personal finance services, including saving and investment-related services.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Foteinakis
(Appointed 1 July 2024)
S Beloberk
(Resigned 1 July 2024)
V Trokoudes
M McLoughlin
(Appointed 2 December 2024)
Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a dividend.

Future developments

At the time of approving the financial statements, the Group reported a loss for the year of £9.7 million (2024: £9.6 million) and was in a net liability position of £0.6 million (2024: £3.8 million). The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

In reaching this conclusion, the directors have undertaken a detailed assessment of the Group’s liquidity position and cash flow projections. The directors have reviewed comprehensive cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements, which reflect planned changes to the product and demonstrate positive cash generation during the forecast period. The loss for the year reflects continued product development, and the forecasts indicate that projected cash balances will be sufficient to meet the Group’s liabilities as they fall due throughout the forecast period.

The directors have also considered the Group’s business model, principal risks, and regulatory capital requirements. Based on this assessment, the directors are satisfied that the Group has sufficient resources to meet its liabilities as they fall due and to maintain compliance with regulatory capital requirements throughout the going concern period.

Auditor

Moore Kingston Smith LLP were appointed auditor to the Group and, in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put to a General Meeting.

Energy and carbon report

As the Group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Plum Fintech Limited
Directors' Report (Continued)
For the year ended 31 March 2025
Page 7
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware;

- and they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.

On behalf of the board
V Trokoudes
Director
29 January 2026
Plum Fintech Limited
Independent Auditor's Report
To the Members of Plum Fintech Limited
Page 8
Opinion

We have audited the financial statements of Plum Fintech Ltd (the 'P arent C ompany', 'Company') and its subsidiaries (the 'G roup') for the year ended 31 March 2025 which comprise the Group Profit And Loss Account, the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Plum Fintech Limited
Independent Auditor's Report (Continued)
To the Members of Plum Fintech Limited
Page 9

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the Strategic Report and the Directors' R eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the Strategic Report or the Directors' R eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' R esponsibilities S tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Plum Fintech Limited
Independent Auditor's Report (Continued)
To the Members of Plum Fintech Limited
Page 10
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Plum Fintech Limited
Independent Auditor's Report (Continued)
To the Members of Plum Fintech Limited
Page 11

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken for no purpose other than to draw to the attention of the company’s members those matters we are required to include in an auditor's report addressed to them. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Maverall Reynolds (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
29 January 2026
Chartered Accountants
Statutory Auditor
6th Floor
9 Appold Street
London
EC2A 2AP
Plum Fintech Limited
Group Profit and Loss Account
For the year ended 31 March 2025
Page 12
2025
2024
Notes
£
£
Turnover
3
19,105,761
12,774,898
Cost of sales
(5,363,521)
(3,086,051)
Gross profit
13,742,240
9,688,847
Administrative expenses
(23,668,409)
(18,715,960)
Other operating income
191,906
72,523
Operating loss
4
(9,734,263)
(8,954,590)
Interest receivable and similar income
8
150,038
1
Interest payable and similar expenses
9
(732,404)
(627,150)
Loss before taxation
(10,316,629)
(9,581,739)
Tax on loss
10
579,029
-
0
Loss for the financial year
(9,737,600)
(9,581,739)
Loss for the financial year is all attributable to the owners of the parent company.
Plum Fintech Limited
Group Statement of Comprehensive Income
For the year ended 31 March 2025
Page 13
2025
2024
as restated
£
£
Loss for the year
(9,737,600)
(9,581,739)
Other comprehensive income
Currency translation gain taken to retained earnings
-
0
255,262
Currency translation gain/(loss) arising in the year
113,931
(258,508)
Other comprehensive income for the year
113,931
(3,246)
Total comprehensive income for the year
(9,623,669)
(9,584,985)
Total comprehensive income for the year is all attributable to the owners of the parent company.
Plum Fintech Limited
Group Balance Sheet
As at 31 March 2025
Page 14
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
5,941
7,149
Tangible assets
12
125,674
107,833
131,615
114,982
Current assets
Debtors
15
6,549,808
2,350,353
Cash at bank and in hand
16,037,699
2,787,739
22,587,507
5,138,092
Creditors: amounts falling due within one year
16
(13,428,131)
(5,329,341)
Net current assets/(liabilities)
9,159,376
(191,249)
Total assets less current liabilities
9,290,991
(76,267)
Creditors: amounts falling due after more than one year
17
(9,919,362)
(3,675,201)
Net liabilities
(628,371)
(3,751,468)
Capital and reserves
Called up share capital
21
5
4
Share premium account
50,179,485
37,527,599
Capital redemption reserve
375,601
375,601
Other reserves
1,775,145
1,566,335
Profit and loss reserves
(52,958,607)
(43,221,007)
Total equity
(628,371)
(3,751,468)
The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
29 January 2026
V Trokoudes
Director
Plum Fintech Limited
Company Balance Sheet
As at 31 March 2025
31 March 2025
Page 15
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
120,111
105,536
Investments
13
3,700,770
1,372,877
3,820,881
1,478,413
Current assets
Debtors
15
3,513,370
4,243,746
Cash at bank and in hand
6,744,327
2,032,965
10,257,697
6,276,711
Creditors: amounts falling due within one year
16
(7,162,367)
(4,713,063)
Net current assets
3,095,330
1,563,648
Total assets less current liabilities
6,916,211
3,042,061
Creditors: amounts falling due after more than one year
17
(9,919,362)
(3,675,201)
Net liabilities
(3,003,151)
(633,140)
Capital and reserves
Called up share capital
21
5
4
Share premium account
50,179,485
37,527,599
Capital redemption reserve
375,601
375,601
Other reserves
1,815,553
1,720,674
Profit and loss reserves
(55,373,795)
(40,257,018)
Total equity
(3,003,151)
(633,140)

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s loss for the year was £15,116,777 (2024 as restated - £7,916,101 loss).

The financial statements were approved by the board of directors and authorised for issue on 29 January 2026 and are signed on its behalf by:
29 January 2026
V Trokoudes
Director
Company Registration No. 09952199 (England and Wales)
Plum Fintech Limited
Group Statement of Changes in Equity
For the year ended 31 March 2025
Page 16
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Share options reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
4
31,867,338
375,601
1,559,472
76,187
104,169
(34,199,381)
(216,610)
Prior period adjustments
-
-
-
-
-
-
304,851
304,851
As restated
4
31,867,338
375,601
1,559,472
76,187
104,169
(33,894,530)
88,241
Year ended 31 March 2024:
Loss for the year
-
-
-
-
-
-
(9,581,739)
(9,581,739)
Other comprehensive income:
Currency translation differences
-
-
-
-
-
(258,508)
255,262
(3,246)
Total comprehensive income for the year
-
-
-
-
-
(258,508)
(9,326,477)
(9,584,985)
Issue of share capital
21
-
0
5,660,261
-
-
-
-
-
5,660,261
Equity settled share based payments charge
-
-
-
-
85,015
-
-
85,015
Balance at 31 March 2024
4
37,527,599
375,601
1,559,472
161,202
(154,339)
(43,221,007)
(3,751,468)
Plum Fintech Limited
Group Statement of Changes in Equity (Continued)
For the year ended 31 March 2025
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Share options reserve
Currency translation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
£
Page 17
Year ended 31 March 2025:
Loss for the year
-
-
-
-
-
-
(9,737,600)
(9,737,600)
Other comprehensive income:
Currency translation differences
-
-
-
-
-
113,931
-
0
113,931
Total comprehensive income for the year
-
-
-
-
-
113,931
(9,737,600)
(9,623,669)
Issue of share capital
21
1
12,651,886
-
-
-
-
-
12,651,887
Equity settled share based payments charge
-
-
-
-
72,852
-
-
72,852
Issue of warrants
-
-
-
-
22,027
-
-
22,027
Balance at 31 March 2025
5
50,179,485
375,601
1,559,472
256,081
(40,408)
(52,958,607)
(628,371)
Plum Fintech Limited
Company Statement of Changes in Equity
For the year ended 31 March 2025
Page 18
Share capital
Share premium account
Capital redemption reserve
Capital contribution reserve
Share options reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
4
31,867,338
375,601
1,559,472
76,187
(32,645,768)
1,232,834
Prior period adjustments
-
-
-
-
-
304,851
304,851
As restated
4
31,867,338
375,601
1,559,472
76,187
(32,340,917)
1,537,685
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
-
-
-
(7,916,101)
(7,916,101)
Issue of share capital
21
-
0
5,660,261
-
-
-
-
5,660,261
Equity settled share based payments charge
-
-
-
-
85,015
-
85,015
Balance at 31 March 2024
4
37,527,599
375,601
1,559,472
161,202
(40,257,018)
(633,140)
Year ended 31 March 2025:
Loss and total comprehensive income for the year
-
-
-
-
-
(15,116,777)
(15,116,777)
Issue of share capital
21
1
12,651,886
-
-
-
-
12,651,887
Equity settled share based payments charge
-
-
-
-
72,852
-
72,852
Issue of warrants
-
-
-
-
22,027
-
22,027
Balance at 31 March 2025
5
50,179,485
375,601
1,559,472
256,081
(55,373,795)
(3,003,151)
Plum Fintech Limited
Group Statement of Cash Flows
For the year ended 31 March 2025
Page 19
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
24
(3,351,266)
(7,456,204)
Interest paid
(106,677)
-
0
Income taxes refunded/(paid)
579,029
(38,998)
Net cash outflow from operating activities
(2,878,914)
(7,495,202)
Investing activities
Purchase of tangible fixed assets
(62,988)
(27,004)
Interest received
150,038
1
Net cash generated from/(used in) investing activities
87,050
(27,003)
Financing activities
Proceeds from issue of shares
10,289,770
5,660,261
Proceeds from borrowings
9,850,000
-
Repayment of borrowings
(3,675,201)
(1,345,740)
Interest paid
(534,338)
(629,616)
Net cash generated from financing activities
15,930,231
3,684,905
Net increase/(decrease) in cash and cash equivalents
13,138,367
(3,837,300)
Cash and cash equivalents at beginning of year
2,787,739
6,641,488
Effect of foreign exchange rates
111,593
(16,449)
Cash and cash equivalents at end of year
16,037,699
2,787,739
Plum Fintech Limited
Notes to the Group Financial Statements
For the year ended 31 March 2025
Page 20
1
Accounting policies
Company information

Plum Fintech Ltd is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 2-7 Clerkenwell Green, London, EC1R 0DE.

The Group consists of Plum Fintech Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the C ompany. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The entity satisfies the criteria for being a qualifying entity as defined in FRS 102. The directors have elected to take advantage of the following reduced disclosures available under FRS 102:

- No cash flow statement or related notes have been presented for the Company; and

- Reduced financial instrument disclosures (except for intercompany balances) including to:

  - categories of financial instruments;

  - items of income, expenses, gains or losses relating to financial instruments; and

  - exposure to and management of financial risks.

1.2
Prior period error

Some comparative figures have been restated to correct prior period errors. Details of these restatements are set out on note 26.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Plum Fintech Ltd together with all entities controlled by the parent company (its subsidiaries) and the G roup’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the G roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the G roup’s financial statements from the date that control commences until the date that control ceases.

Entities in which the G roup holds an interest and which are jointly controlled by the G roup and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the G roup has a participating interest and over whose operating and financial policies the G roup exercises a significant influence, are treated as associates.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 21

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the G roup’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the G roup’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the G roup does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the G roup’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the Group reported a loss for the year of £9.7 million (2024: £9.6 million) and was in a net liability position of £0.6 million (2024: £3.8 million). The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

In reaching this conclusion, the directors have undertaken a detailed assessment of the Group’s liquidity position and cash flow projections. The directors have reviewed comprehensive cash flow forecasts covering a period of at least 12 months from the date of approval of these financial statements, which reflect planned changes to the product and demonstrate positive cash generation during the forecast period. The loss for the year reflects continued product development, and the forecasts indicate that projected cash balances will be sufficient to meet the Group’s liabilities as they fall due throughout the forecast period.

The directors have also considered the Group’s business model, principal risks, and regulatory capital requirements. Based on this assessment, the directors are satisfied that the Group has sufficient resources to meet its liabilities as they fall due and to maintain compliance with regulatory capital requirements throughout the going concern period.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 22
1.5
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, net of discounts allowed by the Group and value added taxes.

The Group recognises turnover when (a) the amount of turnover can be measured reliably; (b) it is probable that future economic benefits will flow to the Group; and (c) the relevant services have been provided, either at a point in time or over time, in accordance with the specific criteria relating to each of the Group's turnover streams, as described below.

i) Savings income

Savings income includes the following:

Interest income

Interest income represents interest earned on customer deposit balances. Interest income is recognised using the effective interest method and accrued over the period to which it relates.

Cash ISA turnover

Turnover from Cash ISA product represents the net interest earned by the Group, being the difference between interest received from partner banks on customer deposits and interest paid to customers. Both components are measured using the effective interest method.

ii) Investment and platform fees

Invest and platform fees include the following:

Subscription turnover

Subscription turnover is earned from customers for the provision of paid service tiers. The services are provided continuously over the subscription period. Turnover is recognised on a straight-line basis over the monthly subscription period.

Investment management and administration fees

Investment management and administration fees comprise fees earned from customer assets under management and balances under administration. The administration services are provided evenly over time and fees are calculated daily and billed monthly. Turnover is recognised over time as the related services are provided.

iii) Transaction-based turnover

Transaction-based turnover comprises fees earned from facilitating customer transactions. Each transaction represents a distinct service and turnover is recognised at the point in time when the transaction is executed. Transaction-based turnover is included in 'Other turnover'.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 23
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Fixtures and fittings
20% straight line
Equipment
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 24

An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the G roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the Group has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent C ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the Group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 25
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The G roup has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the G roup's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the G roup transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 26
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

1.12
Compound instruments

The component parts of compound instruments issued by the Group are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.

1.14
Taxation

The tax expense represents the sum of the current tax and deferred tax.

Current tax

Current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 27
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes option pricing model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the C ompany as a capital contribution, and presented as an increase in the C ompany’s investment in that subsidiary.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 28
1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Valuation of share options granted

Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of share-based payments and the assumptions applied are disclosed in note 20.

Impairment of investments

The Company assesses its investments for indicators of impairment at each reporting date. Determining whether an investment is recoverable requires judgement, particularly when evaluating the financial performance and future prospects of the relevant entity. Estimating the recoverable amount involves assumptions about future cash flows and valuation inputs, which may differ from actual results.

Recoverability of intercompany debtor balances

The Company reviews intercompany debtor balances to assess whether amounts are recoverable. This requires judgement in evaluating the financial position and expected future cash flows of the counterparties. Estimating recoverable amounts involves inherent uncertainty, and changes in the circumstances of group entities may affect the level of any provision required.

Valuation of compound financial instruments

The loan agreement includes warrants, which require the instrument to be accounted for as a compound financial instrument with separate debt and equity components. The equity component is measured as the residual amount after determining the fair value of the debt component. The fair value of the warrants was estimated using an option pricing model incorporating the share price, expected volatility, risk-free rate, and expected life of the warrants. The resulting fair value of the warrants was minor, supporting the conclusion that the effective interest rate of the debt component approximates the contractual interest rate of the loan.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 29
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Savings income
7,642,973
3,136,454
Investment and platform fees
11,341,225
9,464,898
Other turnover
121,563
173,546
19,105,761
12,774,898
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
17,783,040
12,165,197
European Union
1,322,721
609,701
19,105,761
12,774,898
4
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange losses/(gains)
2,546
(426)
Depreciation of owned tangible fixed assets
44,939
61,039
Amortisation of intangible assets
1,208
1,208
Share-based payments
72,852
85,015
Operating lease charges
399,156
401,076
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
60,000
25,495
Audit of the financial statements of the company's subsidiaries
40,000
7,650
100,000
33,145
For other services
Audit-related assurance services
75,000
-
All other non-audit services
5,000
31,375
80,000
31,375
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 30
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
7
6
4
3
Production
85
80
29
25
Service
112
83
29
24
Total
204
169
62
52

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
10,597,249
7,289,794
4,011,900
4,602,971
Social security costs
1,366,514
1,106,495
368,629
408,741
Pension costs
80,084
67,401
36,216
43,896
12,043,847
8,463,690
4,416,745
5,055,608
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
189,912
140,927
Company pension contributions to defined contribution schemes
1,761
1,761
191,673
142,688
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
150,038
1
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 31
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
488,227
(10,158)
Other interest on financial liabilities
137,500
637,308
625,727
627,150
Other finance costs:
Other interest
106,677
-
Total finance costs
732,404
627,150
10
Taxation
2025
2024
£
£
Current tax
Other tax reliefs
(579,029)
-
0

The actual (credit)/charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(10,316,629)
(9,581,739)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(2,579,157)
(2,395,435)
Tax effect of expenses that are not deductible in determining taxable profit
20,707
-
0
Unutilised tax losses carried forward
2,712,233
2,395,435
Group relief
(234,557)
-
0
Research and development tax credit
(579,029)
-
0
Effect of overseas tax rates
80,774
-
0
Taxation credit
(579,029)
-

No deferred tax asset has been recognised in respect of tax losses.

Unused tax losses at the period end date for which no deferred tax asset has been recognised total circa £43.3 million (2024: £33.4 million).

Due to the start-up nature of the business, the timing and extent of future profits remains uncertain and cannot be reliably estimated at the reporting date.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 32
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
12,082
Amortisation and impairment
At 1 April 2024
4,933
Amortisation charged for the year
1,208
At 31 March 2025
6,141
Carrying amount
At 31 March 2025
5,941
At 31 March 2024
7,149
The Company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2024
-
0
9,010
267,869
276,879
Additions
3,987
-
0
59,001
62,988
Exchange adjustments
-
0
(170)
(1,296)
(1,466)
At 31 March 2025
3,987
8,840
325,574
338,401
Depreciation and impairment
At 1 April 2024
-
0
9,010
160,036
169,046
Depreciation charged in the year
-
0
-
0
44,939
44,939
Exchange adjustments
-
0
(170)
(1,088)
(1,258)
At 31 March 2025
-
0
8,840
203,887
212,727
Carrying amount
At 31 March 2025
3,987
-
0
121,687
125,674
At 31 March 2024
-
0
-
0
107,833
107,833
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
12
Tangible fixed assets
(Continued)
Page 33
Company
Equipment
£
Cost
At 1 April 2024
199,435
Additions
59,001
At 31 March 2025
258,436
Depreciation and impairment
At 1 April 2024
93,899
Depreciation charged in the year
44,426
At 31 March 2025
138,325
Carrying amount
At 31 March 2025
120,111
At 31 March 2024
105,536
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
3,700,770
1,372,877
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
13
Fixed asset investments
(Continued)
Page 34
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024
2,537,139
Additions
2,999,656
At 31 March 2025
5,536,795
Impairment
At 1 April 2024
1,164,262
Impairment losses
671,763
At 31 March 2025
1,836,025
Carrying amount
At 31 March 2025
3,700,770
At 31 March 2024
1,372,877
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Saveable Limited
Floor 2, 2-7 Clerkenwell Green, London, England, EC1R 0DE
Ordinary
100
Plum Fintech Greece Limited
8th Floor, Stadiou 3B Athens, Greece, 105 62
Ordinary
100
Plum Fintech CY Limited
Panteli Katelari 21 Libra House, Floor 6, 1097, Nicosia, Cyprus
Ordinary
100
Plum Money CY Limited
Panteli Katelari 21 Libra House, Floor 6, 1097, Nicosia, Cyprus
Ordinary
100
Plum NewCo Limited
Floor 2, 2-7 Clerkenwell Green, London, England, EC1R 0DE
Ordinary
100
Plum ServCo Limited
Floor 2, 2-7 Clerkenwell Green, London, England, EC1R 0DE
Ordinary
100
Plum Crypto CY Limited
Panteli Katelari 21 Libra House, Floor 6, 1097, Nicosia, Cyprus
Ordinary
100

Plum ServCo Limited, Plum NewCo Limited, and Plum Crypto CY Limited were dormant entities during the period ended 31 March 2025 and thus exempt from audit. These entities have been excluded from the consolidation on the basis that they are considered to be immaterial to the Group.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 35
15
Debtors
Group
Company
2025
2024
2025
2024
as restated
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,792
97,263
3,466
97,263
Amounts owed by group undertakings
-
-
-
1,942,279
Other debtors
3,974,195
366,538
974,276
346,024
Prepayments and accrued income
2,571,821
1,886,552
2,535,628
1,858,180
6,549,808
2,350,353
3,513,370
4,243,746

Following a review of debtor balances, the directors of the Company have recognised a provision of £4,811,115 against amounts due from group undertakings.

This had no impact on the Group.

16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
as restated
Notes
£
£
£
£
Convertible loans
-
0
2,327,432
-
0
2,327,432
Trade creditors
1,465,814
1,156,356
1,314,963
1,121,521
Amounts owed to group undertakings
-
0
-
0
3,167,311
-
0
Other taxation and social security
2,562,869
1,672,016
2,111,732
1,116,235
Other creditors
8,805,916
24,440
10,216
18,579
Accruals and deferred income
593,532
149,097
558,145
129,296
13,428,131
5,329,341
7,162,367
4,713,063
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
9,919,362
3,675,201
9,919,362
3,675,201
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 36
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
9,919,362
3,675,201
9,919,362
3,675,201
Payable after one year
9,919,362
3,675,201
9,919,362
3,675,201

In March 2025, the Company entered into a term loan facility agreement with Banco Bilbao Vizcaya Argentaria, S.A. for £10 million. The facility bears interest at 11.75% per annum and is repayable over 44 months from drawdown, with an initial 8-month interest-only period followed by monthly instalments. The facility is secured by a debenture over the assets of the Company. The agreement contains financial covenants and operating restrictions. An optional second drawdown of £5 million is available until 1 May 2026.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
80,084
67,401

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

20
Share-based payment transactions

The C ompany operates on share-based compensation plans granting share options to employees (including Directors). Share options granted to employees are under the Enterprise Management Initiative ("EMI") scheme and vest over a 3-4 year period. In addition there is an "Unapproved" option scheme which also vests over a 3-4 year period.

Group
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 April 2024
312,749
264,028
3.95
2.77
Granted
112,692
97,715
9.34
9.34
Forfeited
(67,986)
(45,650)
9.02
8.76
Exercised
(2,213)
(3,344)
1.54
2.52
Outstanding at 31 March 2025
355,242
312,749
4.70
3.95
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
20
Share-based payment transactions
(Continued)
Page 37

For share options outstanding at the year-end, the range of exercise prices is £0.00001 - £9.336 00. The weighted average remaining contractual life at 31 March 2025 is 8 years.

At the reporting date, no share options were exercisable.

Equity-settled share-based payments are accounted for based on the fair value at award grant date with the requisite expense recognised over the vesting period of the award. The fair value of options granted is determined using the Black-Scholes option pricing model, as it is widely accepted for valuing employee share options with standard terms and conditions. Key assumptions used in the valuation include expected volatility of 40%, expected life of 4 years, risk-free rate of 4.29%, and nil expected dividends. Expected volatility was determined by assessing the historical volatility of comparable listed companies and is within the typical range observed for similar private companies in the UK fintech sector.

Group
Company
2025
2024
2025
2024
£
£
£
£
Expenses recognised in the year
Arising from equity settled share based payment transactions
72,852
85,015
72,852
85,015
21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.0001p each
2,071,313
1,900,295
2
2
Seed preferred shares of 0.0001p each
965,471
965,471
1
1
Series A preferred shares of 0.0001p each
1,111,627
1,111,627
1
1
Series A+ preferred shares of 0.0001p each
683,949
236,973
1
-
Deferred shares of 0.0001p each
-
274,420
-
-
4,832,360
4,488,786
5
4
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
21
Share capital
(Continued)
Page 38

Ordinary Shares

Each share has full rights in the Company with respect to voting, dividends and distributions. Ordinary shares rank behind all other share classes on a distribution of assets on liquidation.

Seed Preferred Shares

Each share has full voting rights and the right to participate in dividends. The shares rank behind Series A Preferred shares and Series A+ Preferred shares but have preference over the other share classes on a distribution of assets on liquidation.

Series A Preferred Shares

Each share has full voting rights and the right to participate in dividends. The shares rank pari passu to Series A+ Preferred shares but have preference over the other share classes on a distribution of assets on liquidation.

Series A+ Preferred Shares

Each share has full voting rights and the right to participate in dividends. The shares rank pari passu to Series A Preferred shares but have preference over the other share classes on a distribution of assets on liquidation.

Deferred Shares

Shares of this class do not have voting rights nor any right to participate in dividends. The entire class of shares is entitled to an aggregate of £1 on a distribution of assets on liquidation.

22
Operating lease commitments
Lessee

At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
301,511
326,837
175,000
326,837
Between two and five years
354,098
175,000
-
175,000
655,609
501,837
175,000
501,837
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 39
23
Related party transactions

Company

All entities within the Group are 100% owned by Plum Fintech Limited. The Group has taken advantage of the exemption within FRS 102 not to disclose transactions between companies within a 100% group.

Amounts owed to directors of £3,659 were written off in the year (2024: £0).

At the balance sheet date no amounts were owed to directors (2024: £3,659).

There were no other transactions undertaken with related parties as such that are required to be disclosed under FRS 102.

24
Cash absorbed by group operations
2025
2024
£
£
Loss for the year after tax
(9,737,600)
(9,581,739)
Adjustments for:
Taxation credited
(579,029)
-
0
Finance costs
732,404
627,150
Investment income
(150,038)
(1)
Amortisation and impairment of intangible assets
1,208
1,208
Depreciation and impairment of tangible fixed assets
44,939
61,039
Foreign exchange movements
2,546
-
Equity settled share based payment expense
72,852
85,015
Movements in working capital:
Increase in debtors
(4,199,455)
(372,862)
Increase in creditors
10,460,907
1,723,986
Cash absorbed by operations
(3,351,266)
(7,456,204)
25
Analysis of changes in net funds/(debt) - group
1 April 2024
Cash flows
Exchange rate movements
31 March 2025
£
£
£
£
Cash at bank and in hand
2,787,739
13,138,367
111,593
16,037,699
Borrowings excluding overdrafts
(3,675,201)
(6,244,161)
-
(9,919,362)
Convertible loan notes
(2,327,432)
2,327,432
-
-
(3,214,894)
9,221,638
111,593
6,118,337
Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 40
26
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment at 1 Apr 2023
Adjustment at 31 Mar 2024
As restated at 31 Mar 2024
£
£
£
£
Current assets
Debtors due within one year
2,045,502
304,851
-
2,350,353
Capital and reserves
Other reserves
1,821,597
-
(255,262)
1,566,335
Profit and loss reserves
(43,781,120)
304,851
255,262
(43,221,007)
Total equity
(4,056,319)
304,851
-
(3,751,468)
Changes to the balance sheet - company
As previously reported
Adjustment at 1 Apr 2023
Adjustment at 31 Mar 2024
As restated at 31 Mar 2024
£
£
£
£
Current assets
Debtors due within one year
2,055,654
304,851
1,883,241
4,243,746
Creditors due within one year
Other creditors
(3,714,984)
-
2,445,588
(1,269,396)
Net assets
(5,266,820)
304,851
4,328,829
(633,140)
Capital and reserves
Profit and loss reserves
(44,890,698)
304,851
4,328,829
(40,257,018)
Notes to reconciliation
Recovery of historic asset

A historic debtor balance worth £304,851 was discovered in the year. The directors believe this balance should be recognised as a prior period opening balance adjustment on the basis that the balance existed at that point.

Historic transfer pricing balances

Due to a change in transfer pricing methodology and an error of recording the change from one methodology to another in 2024, some intercompany balances for 2024 have been restated. This impacted profit and loss, debtors, and creditors for the parent company only. This had a net impact of £4,328,829 on the net assets of the Company. There was no impact on the Group.

Revision to currency translation differences

Amounts totalling £255,262 were reallocated to retained earnings from the currency translation reserve to correct historic errors in the translation of brought forward equity balances on consolidation. This restatement had no impact on overall equity for the Group.

Plum Fintech Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 March 2025
Page 41
27
Events after the reporting date

Events occurring after the reporting period are summarised below and are all considered to be non-adjusting events:

- In November 2025 the Company's subsidiary, Plum NewCo Limited, was granted an electronic money licen c e and is now an authorised electronic money institution, firm reference number 1023776.

- In December 2025 a further drawdown of the BBVA loan was completed for the amount for £2.5 million.

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