Vivid Money secures €15M from a Silicon Valley-based venture capital firm
As reported by TechCrunch, German fintech Vivid Money has closed a €15 million Series A funding round that pushed its valuation to €100 million. Leading investor is the US Ribbit Capital VC fund. According to Finance Forward, the startup has totally raised €40 million since its launch. €25 million was invested by TCS Group Holding with the participation of the management team.
Vivid Money is a challenger bank that develops financial platform and mobile banking app that helps customers save and invest their money. It was launched by Alexander Emeshev and Artem Yamanov, previously worked as executives for Russian Tinkoff Bank, in June 2020. Headquartered in Berlin, it has offices in Amsterdam and Moscow with 180 employees.
After being registered at Vivid Money, users can get both virtual card for €1 or physical metal cards for €20 per card. In addition to standard banking services, it provides pockets or sub-accounts creation service with own IBAN of each, cashback program, and commission-free investments in US companies’ stocks.
The startup is partnered with Solarisbank for the banking infrastructure, and Visa as for debit cards. Right now, Vivid Money is only available in Germany. But the company has plans to use the raised funds to expand to other European countries, as well as to further develop its investment product.