Recently, Vivid Money, a new challenger bank announced its launch in Germany with support from Berlin-based solarisBank and Visa. The Berlin-based company aims to help people to make more of their money by combining the all-in-one mobile-first approach with a full-service package.
Artem Yamanov, the co-founder of Vivid Money, said: “We are living in a time when people are receiving no or even negative interest rates for their deposits and high transactional costs. Even today, they are still suffering from poor service in banking and investing. With Vivid Money, we enable our customers to organise their financial life easily, securely, and in all its different facets – from spending to investing – all in one app and individually tailored to their needs. We want to educate our customers on how to grow their money, providing them with the right tools to save automatically. With Vivid Money, they have numerous options to grow their wealth without having to open a separate account or deposit account with different providers for each service. This way, they can easily start with stock trading and start to take control of their financial lives.”
What makes Vivid Money stand out?
With this platform, users can open an account for free in just a few minutes and manage their finances simply and intuitively via their smartphone. On top of that, every user will get a free anonymised metal Visa debit card for secure payments and cash withdrawals.
Apart from the bank account, Vivid Money offers various services including cash back programs, sub-accounts in foreign currencies, and, shortly, investment products.
Notably, Germany is the first and, for the time being, the only market in which the Vivid Standard and Vivid Prime products will be available. Also, the challenger bank is working together with solarisBank, which provides the fully licensed Banking-as-a-Service platform, and with Visa as an exclusive payment technology partner for Europe.
Dr. Roland Folz, CEO of solarisBank AG, said: “We are excited to welcome Vivid Money as our newest partner. By trusting our proven banking-as-a-service platform, Vivid Money is well prepared to conquer the European banking market. With our modular approach and an easy-to-integrate, scalable infrastructure we reduce time to market significantly and enable Vivid Money to compose an attractive offering that allows them to grow fast.”
Superior banking and investment experience
Founded in 2019 by Artem Yamanov and Alexander Emeshev in Berlin, the company’s mission is to provide customers throughout Europe with a superior banking and investment experience and to offer a wide range of financial services (including savings accounts, multi-currency accounts, and stock exchange) without unnecessary fees.
Albrecht Kiel, Regional Managing Director Central Europe at Visa, said: “We are proud to be the exclusive launch partner for Vivid in Europe and to support their entry into the German market. The payment behaviour in Germany is currently changing rapidly – consumers increasingly want to pay digitally – mobile and contactless. This is why the launch of the mobile-first Visa Debit card by Vivid comes exactly at the right point in time. I am convinced that the joint product proposition by Visa, Vivid, and solarisBank will further drive the adaptation of digital payments in Germany.”
Main image credits: Vivid Money