Fintech Vivid Money raises 100 million euros to grow in Europe

This mobile banking application offers an all-in-one service for both saving money and investing in the stock market. Created in 2020 in Germany, Vivid Money is one of the most recent fintechs to launch an assault on a sector dominated by behemoths like N26, which managed last October to raise the “modest” sum of 900 million euros. euros. In the space of a year, the Berlin fintech has nevertheless multiplied its number of users by five, which has now reached half a million.

To support this rapid growth, Vivid announced on Monday a series C fundraising of 100 million euros, which marks the entry of Softbank via its Vision Fund 2, in the capital. With this new funding round, Vivid Money doubles its valuation to reach 775 million euros.

At the border of a traditional mobile banking application and an application for budding traders, Vivid Money wants above all to help its users to “intelligently manage their savings”, explains to ZDNet Alexander Emeshev, co-founder of Vivid Money. However, the app does not just provide management tools, but also opens the doors of the stock market to the uninitiated. Customers are thus encouraged to make their money grow by betting in tech companies or even in fractions of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and Litecoin.

Nearly 100,000 customers in France, and an accelerating product roadmap

To attract a whole community of technophiles and amateur stockbrokers, the neobank does not skimp on good deals and attractive offers, such as the possibility of creating free sub-accounts called “pockets” to better manage current expenses, such as monthly subscriptions for example, or even cashback offers. What counts is “ease of use”, assures Alexander Emeshev.

And completeness too. To design such a “super-app”, with both banking and non-banking offers, the funds raised will above all allow the fintech to continue to invest in its product roadmap. By working on its offer, the start-up hopes to nibbling market share in Europe beyond its German domestic market, as in France in particular, where the start-up has already won some “100,000 customers”, indicates Alexander Emeshev.

Beyond the services that the application delivers, Vivid Money also emphasizes the importance of financial education. Understanding the world of the stock market is not innate for most savers, and mobile banking wants to do more in this area. “We believe it is our duty to educate clients financially, and explain to them how to invest. We have a team able to speak five languages, including French, to advise our users. And at the same time we give online courses to teach what cryptocurrency is, ”says Alexander Emeshev. Since January, these online educational resources have been available to everyone online, free of charge, he said.

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