Vivid Money, a Berlin-based challenger bank, raised 15 million Euro during its Series A funding round for expansion and product development, reaching a valuation of 100 million Euro.
Vivid Money launched its financial platform in 2020 in Germany, offering a single-app solution for its users.
The funding round was led by Ribbit Capital, a fintech-focused Silicon Valley-based venture capital firm whose portfolio includes notable players such as Robinhood, Nubank and Coinbase.
In addition to its expansion plans, the startup wants to use the new financing to offer a comprehensive investment product within the app for its users in the near future.
The investment product launch combined with a free metal card and stock rewards program aims to create a bridge between banking and investing.
Artem Yamanov, co-founder of Vivid Money, explains:
“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”.
Featured image credit: Vivid Money
