Vivid, a German-based startup launched in June 2020 raised EUR 100 million in its recent funding round (Series C). Vivid mobile banking app received a valuation of EUR 775 million.
The company is offering both mobile banking and a digital investing platform through its app which doubled its value. In April 2021, Vivid raised EUR 60 million with a valuation of EUR 360 million.
Additionally, the company has 500,000 customers across Europe with an ambition to reach 1,000,000 clients by the end of the year. The raised funds will be used to enhance the app with new services and features.
Artem Iamanov, the Co-Founder of Vivid Money, said, “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.”
Vivid's key markets are Germany, Spain, Italy and France. The company is expecting to expand its reach to 5 more countries by the end of 2023.
Crypto, ETFs and SPACs
In an interview, Iamanov discussed decentralized finance and alternative investments. "Our vision was to target Continental Europe, a huge market for investment and savings. We knew that decentralized finance, and other kinds of alternative investment approaches, were booming, and that they were not really connected to the traditional banking world.”
Vivid is offering its customers the opportunity to invest in 50 cryptocurrencies and 3,000 stocks and ETFs.Moreover, the app offers Special Purpose Acquisition Companies (SPACs) to its clients, which very few companies do.
Patrick Backhouse, a Partner at Greenoaks, said the following in a statement to the funding round, "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.”
