Berlin, November 5, 2020 – Vivid Money, the Berlin-based financial platform, today announced a 15 million Euro financing for expansion and product development, reaching a valuation of 100 million Euro. The Series A round was led by Ribbit Capital, a fintech-focused Silicon Valley-based venture capital firm whose portfolio includes leading players such as Robinhood, Nubank and Coinbase.
Vivid Money launched its financial platform in 2020 in Germany, offering a single-app solution that erases borders between banking and investments. Vivid Money strives to help clients throughout Europe to save more with an outstanding user experience and financial education for making sound investment decisions. In addition to its expansion plans, the startup wants to use the new financing to be able to offer a complete investment product within the app for users in the near future. The investment product launch combined with a free metal card and unique Stock Rewards program will create a bridge between banking and investing, which in Vivid’s vision go hand in hand.
Artem Yamanov, co-founder of Vivid Money, explains: "The retail savings and investments market in Europe is ripe for disruption, being both gigantic and old-fashioned at the same time. The partnership with Ribbit Capital gives us even more opportunities to complete our product in all its facets. Vivid users love our ever-expanding feature portfolio, which covers more and more needs around the topic of finance. After only a few months, we have been able to set ourselves apart from the competition. With this financing round, we are now a big step closer to our goal of offering an incomparable investment product throughout Europe".
Nikolay Kostov, Partner at Ribbit Capital, adds: "Despite many innovative ideas, the way we manage, save and invest our money has hardly developed at all. Since the beginning of Ribbit, we have strived to back the world’s most talented teams in fintech and could not be more excited to welcome Vivid Money to our family“. Nick Huber, Partner at Ribbit Capital further explains: “The speed of execution with which Vivid Money has brought one of the most innovative and comprehensive products to the European market is impressive. We are excited to accompany the team on its mission to create a holistic financial platform".
Since the launch of Vivid Money, the financial platform has regularly expanded its functions. With Subscription Control, Vivid Pay and Shared Pockets, Vivid Money combines all daily banking needs in one app. With the Vivid Pay service, customers can transfer money easily and safely to any other bank account with a generated link. Bills can also be shared with Vivid customers and non-customers alike. The AI-supported Subscription Control feature recognizes subscription payments so that users receive an overview of their current subscriptions and regular payments. Through Shared Pockets, Vivid users can also share their sub-accounts, called Pockets, with unique IBAN with friends and family, who can use their own Vivid Visa debit cards to make transactions. Vivid Money also enables all users to enjoy the benefits of mobile payment with Google Pay and Apple Pay.
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 130 employees.
For more information, please visit vivid.money