Vivid Cash raises $17.6 million for its European challenger financial institution

By | November 5, 2020

German fintech startup Vivid Money has raised a $17.6 million Collection A funding spherical (€15 million). Ribbit Capital is main the funding. At present’s funding spherical provides Vivid Cash a valuation of $117 million (€100 million).

Vivid Cash is sort of a younger startup as the corporate began accepting prospects simply a few months ago. Constructed on prime of Solarisbank for the banking infrastructure, Vivid Cash is a challenger financial institution with just a few nifty options.

While you enroll, you get a present account and a metallic debit card. You may management the cardboard from the app — as an example, you may lock and unlock it. It additionally works in Apple Pay and Google Pay.

Customers may create sub-accounts referred to as pockets. Every pocket has its personal IBAN. You may invite different customers to particular pockets and you may affiliate your card with one pocket or one other. Alternatively, you may order further bodily card for €20 per card, or get a digital card for €1.

The startup additionally analyzes your transactions to establish your recurring subscriptions. This fashion, you may block future expenses. Vivid Cash customers may ship cash to different customers from the app. They will additionally generate a hyperlink in order that the recipient can enter their banking particulars.

There are additionally some cashback options as nicely with companion manufacturers. Quickly, you’ll be capable of make investments from the identical app. You’ll be capable of purchase shares and ETFs.

There are two plans — a free plan and a premium subscription for €9.90 per 30 days. Prime customers get greater limits on cashback, extra methods to earn cashback, greater limits on money withdrawals and a free digital card.

Proper now, Vivid Cash is barely out there in Germany. However the firm has plans to broaden to different European international locations.

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