Vivid Money announces Series A funding led by Ribbit Capital
By Megha Bhattacharya
Berlin-based Vivid Money recently announced that it has raised €15 million financing for expansion and product development, thus reaching a valuation of €100 million. Vivid Money stated that that the Series A round was led by Ribbit Capital.
Artem Yamanov, the co-founder of Vivid Money, explained, “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”.
Vivid Money offers a single-app solution that aims to help clients streamline banking and investments. The company aims to use the new financing to offer a complete investment product within the app for users soon. The investment product launch combined with a free metal card and Stock Rewards program is expected to create a bridge between banking and investing.
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 safely to any other bank account with a generated link.
Nikolay Kostov, Partner at Ribbit Capital, added, “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”.
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