Vivid Money Raises €100 Million Series C

Vivid Money has raised €100 million in Series C funding at a valuation of €775 million (USD $887 million) more than double its prior valuation when the company raised capital in the spring of 2021.

The funding round was led by Greenoaks Capital with the participation of Ribbit Capital and SoftBank Vision Fund 2.

Vivid Money is a neobank that partners with Solarisbank to offer many diverse services. Vivid Money provides traditional banking services along with investment options like checking, cards, stocks, ETFs, as well as crypto trading. The platform also allows users to invest in Special Purpose Acquisition Companies (SPACs), as well as precious metals.

According to the company, the funds will be leveraged to extend its investment and banking offerings, focusing on turning Vivid’s ecosystem into a community where customers come to “bank, save, invest, learn, and manage all money-related matters.”

Vivid Money reported that it has experienced exceptional growth scaling monthly transaction volume through the platform and expanding its user base, multiplying it by five times since its last fundraising to reach the milestone of 500,000 customers.

Artem Iamanov, co-founder of Vivid Money, explained that their customers need more than just another banking app. They want a service where they can save, invest and organize their financial existence:

“Our vision is to become the one place where they can do that. We are excited to welcome the SoftBank Vision Fund 2 as our new partner, and we are delighted to continue working with our existing partners Greenoaks and Ribbit. We’re now ready to strengthen our existing product and expand it further by connecting our customers to each other and establishing a community of like-minded people who are dedicated to learning and growing their money together.”

Patrick Backhouse, partner at Greenoaks, said that in just over a year, Vivid Money has built one of Europe’s most beloved consumer banking platforms, allowing users to manage their entire financial lives in a single app.

“Since we invested last year, we’ve been thrilled to watch their rapid pace of new product development, which has delighted existing users, attracted new customers, and deepened the platform’s value proposition. We think we are still in the first innings of a revolution in consumer banking, and we are delighted to further our partnership with Vivid as they continue to scale.”

Vivid Money launched its financial platform in 2020 in Germany, providing a single solution that customers can use for all of their finances, from banking to investing.

“There are those who see retail investors as easy sources of revenue, either by betting against them, selling their orders to others, or encouraging risky investing behavior through casino-like tactics,” Alexander Emeshev, co-founder of Vivid Money, said. “We believe our clients deserve better. By educating them, connecting them with each other and giving them a variety of responsible investing options, we believe we can be a company that fights for our customers.”

Launched in June 2020, Vivid Money has gained traction when other neobanks have stumbled. The digital banking or neo banking sector has emerged as a competitive sector of Fintech where users can quickly migrate to another platform. By adding new features and focusing on user needs Vivid Money has been able to drive growth.



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