The company is now valued at €775M, more than double its previous valuation. In April 2021, the company had raised €60M in its Series B round of funding at a €360M valuation.
The round was led by Greenoaks Capital with the participation of Ribbit Capital and SoftBank Vision Fund 2.
Patrick Backhouse, partner at Greenoaks, says, “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.”
Vivid Money claims that the proceeds from this round will be used to extend its investment and banking offerings. Vivid’s focus is on turning its ecosystem into a community where customers come to bank, save, invest, learn, and manage all money-related matters.
The capital will also help the company to increase hiring across the company’s European offices to improve the product, enhance marketing, and build out the application’s educational features.
Artem Iamanov, co-founder of Vivid Money, says, “Our customers need more than just a banking app; they need a place where they can save, invest, and organise their daily financial matters. Our vision is to become the one place where they can do that. 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.”
Vivid Money witnessed rapid growth over its first year of operations. It scaled monthly transaction volume through the platform and expanded its user base, multiplying it by five times since its last fundraising to 500,000 customers. In the past year, the company’s fast new products delivery also led to a 25-fold increase in revenue.
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Founded in 2020 by Artem Yamanov and Alexander Emeshev, Vivid Money aims to provide customers throughout Europe with a superior banking and investment experience as well as offer a wide range of financial services without unnecessary fees.
The app-based platform offers services such as deposit accounts, bill splitting, online/offline payments, money transfers, high-interest saving accounts, NFC-enabled debit cards, cash withdrawals, and more. It also allows users to keep track of transactions. The app claims to combine daily money needs in one place in an easy, flexible and transparent way.
Since its launch, the financial platform has rapidly built out new products, enhancing the customer experience. Besides banking features, Vivid Money’s customers can now invest in stocks, crypto and precious metal assets from as little as €0.01. The platform also allows users to invest in Special Purpose Acquisition Companies (SPACs), typically unavailable to retail investors.
Besides, users can now also save as they spend as the company offers a cashback feature that rewards customers for everyday transactions. Vivid Money’s other features include a free metal debit card, subscription control, spending breakdown reports, 15 free sub-accounts, and easy-to-manage shared accounts.
Vivid Money’s team currently comprises about 300 employees.