German startup Vivid Money has raised a new $ 73 million Series B funding round (€ 60 million), which was also led by GreenOx along with existing investor Rebbit Capital. Following today’s funding round, Vivid Money has reached a valuation of $ 436 million (€ 360 million).
Vivid Money can be considered a reverse competitor designed specifically for the eurozone. Built on top of SolarisBank for banking infrastructure, the company allows you to send, receive, spend, invest and save money in various ways.
When you create an account, you get a German IBAN that starts with DE as well as a metal card. There are no card details on the card – everything is available in the app instead. Like other fintech startups, Vivid Money lets you control your card from the app – you can lock it and unlock it, connect it to Google Pay and Apple Pay, and more.
After that, you can top up your account and hold dozens of different currencies. When you pay with your card abroad, the startup applies a small mark-up at the current exchange rate – you should get a better exchange rate than you would normally get from a regular bank.
In addition to this fairly standard feature set, stock trading is offered with partial shares in Vivid Money. You can invest in stocks and ETFs and there is no commission. Similarly, you can buy, hold and share cryptocurrency from the app. The startup has partnered with CM Equity AG for those features.
The company also has a cashback program and a premium membership for € 9.90 per month. Paid users receive higher limits of free cash withdrawals, the ability to create virtual cards, support for additional currencies, and improved cashback rewards.
Finally, users can create sub-accounts called pockets. You can move money from one pocket to another and add other users to your pocket. Each pocket has its own IBAN, which means that you can pay some bills with a different pocket. You can also pair your card with a specific pocket for upcoming purchases.
Vivid Money has managed to add a ton of facilities in no time. Now there is a ton of money in its bank account. Now let’s see if it can attract a significant user base to compete with other, well-established European fintech players.