Berlin, April 29, 2021 – Vivid Money, the Berlin-based financial platform, today announced a 60 million Euro Investment for expansion and product development, bringing the company’s valuation to 360 million Euro. The Series B round was led by Greenoaks with participation from existing investor Ribbit Capital.
“This latest round of investment is a strong signal of support for our vision of a better future for European retail investors and customers,” Artem Yamanov, co-founder of Vivid Money said. “With our new partner, Greenoaks, as well as the continued support from Ribbit Capital, we are well positioned to keep growing and expanding our business. We want to enable our users to organize all their financial needs — investments, savings, stocks and crypto assets, as well as financial education — in one single app. That is how we have set ourselves apart from the competition and how we plan to attract more customers across Europe.”
“We believe that the end-state in this market is the all-in-one digital banking and investments product that Vivid Money is building.” said Greenoaks Partner Patrick Backhouse. “The team at Vivid Money has been executing extraordinarily fast having already launched banking, stocks and crypto investments, peer-to-peer payments, budgeting tools, and a services marketplace. We're thrilled to partner with the Vivid team on this journey.”
Vivid Money launched its financial platform in 2020 in Germany, offering a single-app solution that breaks down the boundaries between saving, spending and investments. The company strives to offer clients across Europe an outstanding user experience, helping to save money and make smart investment decisions with in-app financial education service.
The new investment will drive expansion into key markets in Europe, as well as helping to build out the platform with more features.
Since its launch, Vivid Money, has regularly expanded its functions. Beyond its banking services, users can now invest in shares and crypto assets from as little as €0.01 using Vivid’s fractional share feature. Customers can also gain on their spendings with an innovative cashback feature, as well as taking advantage of Vivid’s popular existing tools including the free metal debit card, subscription control, spending breakdown reports, 15 free sub-accounts known as Pockets that can easily be shared with others, and hotel bookings or car rentals via Vivid Services.
For customers who are new to investing, Vivid Money aims to become a place where they can learn about financial markets and grow their savings safely rather being enticed to bet their money without awareness of the full risks and implications. Vivid Money will offer users classes that walk them through the basics of investing step-by-step, as well as plain-language news updates that explain the financial world to them. More educational content will be added to the platform regularly.
“Our clients are our most valuable asset, and our goal is to help create a more secure financial future for them,” Alex Emeshev, co-founder of Vivid Money said. “By educating them and guiding them as they learn how to become investors, we are not only expanding access to financial products in a seamless and delightful way, but are also committed to helping our customers create long-lasting value.”
About Vivid Money
Vivid Money is the first financial service platform that combines all your daily money needs in one app. Whether it’s spending, saving, or investing – Vivid Money offers an easy, flexible, and transparent solution to grow your money. The company's mission is to provide customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts and commission-free investments in stocks) without unnecessary fees. Vivid Money was founded in 2019 by Artem Yamanov and Alexander Emeshev in Berlin and consists of an international, highly qualified team of more than 200 employees.
For more information, please visit vivid.money