Vivid Money, a mobile banking startup funded by Russia’s Tinkoff Bank, has raised €15 million in a Series A round to support expansion and product development
Founded in 2019 by Artem Yamanov and Alexander Emeshev, the app-only bank formally launched in Germany in June.
Using the Vivid Money app, users can open an account for free in just a few minutes and manage their finances via their smartphone.
The account comes with a free metal Visa debit card for secure payments and cash withdrawals, and features cashback programmes, sub-accounts in foreign currencies and, in the near future, investment products.
Vivid Money is working together with solarisBank, which provides its fully licensed Banking-as-a-Service platform, and with Visa as an exclusive payment technology partner for Europe.
[Co-founder:] "The retail savings and investments market in Europe is ripe for disruption, being both gigantic and old-fashioned at the same time. The partnership with Ribbit Capital gives us even more opportunities to complete our product in all its facets. With this financing round, we are now a big step closer to our goal of offering an incomparable investment product throughout Europe".