The fundraising will enable a hiring push across the company’s European offices to improve the product, enhance marketing, and build out the application’s educational features
Vivid Money is a Berlin-based financial platform. (Credit: Vivid Money.)
Vivid Money, the Berlin-based financial platform, today announced a 100 million Euro financing, reaching a valuation of 775 million Euros, more than double its previous valuation. The Series C round was led by Greenoaks Capital with the participation of Ribbit Capital and SoftBank Vision Fund 2.
The funds will be used to extend Vivid’s 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. The fundraising will enable a hiring push across the company’s European offices to improve the product, enhance marketing, and build out the application’s educational features.
The financing comes as Vivid Money has achieved exceptional growth over its first year of operations, 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. In the past year, Vivid Money’s fast new products delivery led to a 25 times increase in revenue.
“Our customers need more than just a banking app; they need a place where they can save, invest, and organize their daily financial matters. Our vision is to become the one place where they can do that,” Artem Iamanov, co-founder of Vivid Money, said. “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.”
“In just over a year, Vivid Money has already 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”, said Patrick Backhouse, partner at Greenoaks.
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. The company strives to help customers throughout Europe save more and invest intelligently, enabled by a delightful user experience and best-in-class financial education. This funding round follows a Series B round in early 2021, which valued the company at 360 million euros.
Since the company’s launch, the financial platform has rapidly built out new products, enhancing the customer experience. Beyond Vivid Money’s banking features, the company’s customers can now invest in stocks, crypto, and precious metal assets, from as little as €0.01, thanks to Vivid’s fractional shares, coins and metals. The platform also allows users to invest in Special Purpose Acquisition Companies (SPACs), typically unavailable to retail investors.
Customers can also save as they spend, thanks to Vivid’s innovative cashback feature that rewards customers for everyday transactions. Customers are already enjoying Vivid’s other features, including the free metal debit card, subscription control, spending breakdown reports, 15 free sub-accounts, and easy-to-manage shared accounts.
“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.”
Source: Company Press Release