Tinkoff Bank-backed mobile banking outfit Vivid Money has raked in $17.6m in a Series A funding round.
The round, led by Ribbit Capital, brings the company’s valuation to nearly $117m.
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Vivid will use the fresh funds to develop its products and expand into other European markets.
Founded last year, Vivid Money launched in Germany in June 2020. The company provides customers with the Vivid Money app, through which customers can open an account without being charged.
The account comes with a free metal Visa debit card as well. It also provides customers the ability to manage their finances using their smartphones.
Additionally, the account features cashback programmes and sub-accounts in foreign currencies. Later, plans are on to provide investment products.
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By GlobalDataVivid Money co-founder Artem Yamanov said: “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.”
Vivid Money partners with solarisBank, offering the former its banking-as-a-service (BaaS) platform.
Visa serves as its exclusive payment technology partner in Europe.
