Berlin-based Fintech Vivid Money, a mobile banking app provider, has secured €60 million in capital through a Series B round that was led by Greenoaks along with participation from existing investor Ribbit Capital.
This latest investment round gives Vivid Money a €360 million valuation.
Founded in 2019 by Artem Yamanov and Alexander Emeshev, Vivid has also received backing from Russian financial giant Tinkoff Bank. Established in Germany, Vivid provides savings, spending, and investment tools that are easily accessible via a single app. Users are able to get a German IBAN and engage in share and crypto trading. They can also complete peer-to-peer payments and access various financial management features.
SolarisBank offers its fully-licensed Banking-as-a-Service or BaaS platform, meanwhile, Visa serves as the exclusive payment tech partner for Europe.
The funds raised will be used by Vivid Money to support further product development and to help the Fintech firm with expanding its business operations into other European markets.
Yamanov stated:
“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.”
As reported in November 2020, Vivid Money had secured €15 million through its Series A funding round, which was led by Ribbit Capital. The investment, at that time, had led to a €100 million valuation for Vivid Money.
As noted by the Fintech firm:
“Banking needs to put the customer first — and in control. With our knowledge and experience, we strive to help our customers earn, grow, and increase their capital. Online banking needs to be very easy, and on the other hand, very safe. Vivid is a financial platform that lets customers live their economic life to the fullest and stands out.”
Yamanov had noted last year:
“The partnership with Ribbit Capital gives us even more opportunities to complete our product in all its facets.”