Ribbit Capital is leading the investment. The funding round gives Vivid Money a valuation of USD 117 million. Built on top of Solarisbank for the banking infrastructure, Vivid Money is a challenger bank with mobile features.
When signing up, the user gets a current account and a metal debit card. The card can be controlled from the app. It also works with Apple Pay or Google Pay. Users can also create sub-accounts called pockets. Vivid Money users can send money to other users from the app. The startup also analyses one’s transactions to identify the recurring subscriptions.
Right now, Vivid Money is only available in Germany. However, the company has plans to expand to other European countries. While there are currently some cashback features, the startup wants to soon allow users to make investments using the app, giving them the possibility to buy shares and ETFs.
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