Vivid is a financial service platform that offers banking and investment services in their app. They offer a wide range of financial services, including savings accounts, multi-currency accounts, and investments in stocks and crypto. Vivid aims to offer users a tool to generate more of their own money and reach financial independence.
The financial service platform also offers its customers cashback on card purchases. Prime users receive a guaranteed 1.5% cashback, whereas Standard user receive 0.5%. Additionally, users receive more cashback on non-euro purchases, with Prime users getting 2% cashback and Standard customers getting 1%. This means that users can receive up to EUR 150 in total per month for their Vivid Card usage.
According to a Vivid representative, the neobank now has over 500,000 customers, with over half of them located in Germany. In February 2022, Vivid received EUR 100 million from financial investors, with which the company doubled its valuation to EUR 775 million. Vivid’s investors include Ribbit Capital, Greenoaks Capital, and the SoftBank Vision Fund 2.
The new investment license
According to Vivid’s press release, the investment license will allow the company to produce new investment products for their clients, bring them to market, and launch them in their app in combination with their existing banking services. Additionally, this license means that Vivid receives direct access to the global stock market, the custody of securities, and to cashback in real assets.
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