German fintech scaleup Vivid Money bags €60M to help you manage and grow your money; here’s how

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Vivid Money

Berlin-based Vivid Money is a fintech startup that combines spending, saving, or investing in one app. 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 than betting their money without awareness of the full risks and implications.

Vivid Money’s Series B round

In a recent development, the German app-based platform has raised €60M in its Series B round of funding. With this round, Vivid Money is now valued at €360M. The round was led by Greenoaks with participation from existing investor Ribbit Capital.

Speaking on the development, Patrick Backhouse, Partner at Greenoaks, says, “We believe that the end-state in this market is the all-in-one digital banking and investments product that Vivid Money is building. 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.”

Use of the 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,” says Artem Yamanov, co-founder of Vivid Money.

The raised capital will help Vivid Money drive expansion into key markets in Europe, as well as help to build out the platform with more features.

Yamanov further adds, “We want to enable our users to organise 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.”

About Vivid Money

Founded in 2019 by Artem Yamanov and Alexander Emeshev, the company aims to provide customers throughout Europe with a superior banking and investment experience as well as offer a wide range of financial services without unnecessary fees.

The app-based platform offers services such as deposit accounts, bill splitting, online/offline payments, money transfers, high-interest saving accounts, NFC-enabled debit cards, cash withdrawal, and more. It also allows users to keep track of transactions. The app combines all your daily money needs in one app in an easy, flexible, and transparent way. The company mentions in a statement that more financial, educational content will be added to the platform regularly.

Vivid Money consists of an international team of more than 200 employees.

Single-app financial solution

In 2020, Vivid Money launched its financial platform in Germany, offering a single-app solution to help its customers break down their savings, spending, and investments. In addition, users can also gain on their spendings with cashback features, take advantage of existing tools such as free metal debit card, subscription control, spending breakdown reports, 15 free sub-accounts known as Pockets, and hotel bookings or car rentals via Vivid Services.

Besides, Vivid Money has also added more functions into its app, including one where users can now invest in shares and crypto assets from as little as €0.01 using Vivid’s fractional share feature.