German startup Vivid Money has raised a new $73 million Sequence B funding spherical (€60 million) led by Greenoaks with current investor Ribbit Capital additionally taking part. Following in the present day’s funding spherical, Vivid Money has reached a valuation of $436 million (€360 million).
Vivid Money might be thought of as a Revolut competitor designed particularly for the Eurozone. Constructed on high of Solarisbank for the banking infrastructure, the corporate helps you to ship, obtain, spend, make investments and lower your expenses in numerous methods.
While you create an account, you get a German IBAN that begins with DE in addition to a steel card. There aren't any card particulars on the cardboard itself — all the pieces is on the market within the app as an alternative. Like different fintech startups, Vivid Money helps you to management your card from the app — you may lock it and unlock it, add it to Google Pay and Apple Pay, and so forth.
After that, you may high up your account and maintain dozens of various currencies. While you pay together with your card overseas, the startup applies a small mark-up on the present trade price — you must get a higher trade price than what you normally get with a common financial institution.
As well as to this pretty commonplace feature set, Vivid Money presents inventory buying and selling with fractional shares. You may spend money on shares and ETFs and there’s no fee. Equally, you should purchase, maintain and share cryptocurrencies from the app. The startup has partnered with CM Fairness AG for these features.
The corporate additionally has a cashback program and a premium subscription for €9.90 monthly. Paid customers get greater limits on free money withdrawals, the flexibility to create a digital card, help for added currencies and higher cashback rewards.
Lastly, customers can create sub-accounts known as pockets. You may transfer cash round from one pocket to one other and add different customers to your pockets. Every pocket has its personal IBAN, which implies that you could pay for sure payments with a separate pocket. You can even affiliate your card with a particular pocket for upcoming purchases.
Vivid Money has managed to add a ton of features very quickly. It now has a ton of cash on its checking account. Now let’s see if it may possibly entice a vital consumer base to compete with different, well-established European fintech gamers.
Source : TechCrunch