German fintech startup Vivid Money has raised a $17.6 million Series A funding round (€15 million). Ribbit Capital is leading the investment. Today’s funding round gives Vivid Money a valuation of $117 million (€100 million).
Vivid Money is quite a young startup, as the company started accepting customers just a few months ago. Built on top of Solarisbank for the banking infrastructure, Vivid Money is a challenger bank with a few nifty features.
When you sign up, you get a current account and a metal debit card. You can control the card from the app — for instance, you can lock and unlock it. It also works in Apple Pay and Google Pay.
Users can also create sub-accounts called pockets. Each pocket has its own IBAN. You can invite other users to specific pockets and you can associate your card with one pocket or another. Alternatively, you can order additional physical cards for €20 per card, or get a virtual card for €1.
The startup also analyzes your transactions to identify your recurring subscriptions. This way, you can block future charges. Vivid Money users can also send money to other users from the app. They can also generate a link so the recipient can enter their banking details.
There are also some cash-back features as well with partner brands. Soon, you’ll be able to invest from the same app. You’ll be able to buy shares and ETFs.
There are two plans — a free plan and a premium subscription for €9.90 per month. Prime users get higher limits on cash back, more ways to earn cash back, higher limits on cash withdrawals and a free virtual card.
Right now, Vivid Money is only available in Germany. But the company has plans to expand to other European countries.
This post first appeared here: https://techcrunch.com/2020/11/04/vivid-money-raises-17-6-million-for-its-european-challenger-bank/