[Mise à jour 9/11/2020] Mobile banking and investment application Vivid Money has successfully launched in France. Confirming a hypothesis of L’Usine Digitale, the German fintech announced on November 9, a few days after the end of this round, to begin the European expansion of the French market. “The company has launched in other European markets“, added in the press release.
French customers will benefit from the cashback program offered by the application, compatible with Sephora, Nocibe, Bio c’bon, Biocoop, LIDL, ALDI, Franprix and Monoprix brands, as well as SNCF, FlixBus, Voi in Bordeaux and Marseille, Tier in Bordeaux, Lyon and Paris, and the brands Netflix, Nintendo, Spotify and Playstation. The premium version, which costs 9.90 euros per month, will be offered for the first three months for new registrations.
[Article original] German fintech company Vivid Money announced on Thursday (November 5) that it has completed a series A funding round of 17.6 million dollars, or 15 million euros. This fundraising, led by Ribbit Capital, brought (already) the company’s valuation to 117 million dollars. It is financially supported by the Russian TCS (Tinkoff Credit Systems).
Sub-accounts and transfers between individuals
Created in 2019 by Artem Yamanov and Alexander Emeshev, Vivid Money is a young startup whose offer has been on the market since June. neobank offers a current account offer with a Metal credit card. It can be controlled remotely from the app, activated or deactivated, and also works with Apple Pay and Google Pay wallets. The application is equipped with classic payment and saving functions.
More original, users can create up to 15 sub-accounts, multi-currency, called “pockets”. They have their own IBAN, and are associated with a specific virtual card. Customers can make transfers between individual users and create shared “pockets”. The Berlin fintech has also developed technology that also analyzes transactions to identify, for example, recurring subscriptions and blocks certain operations in real time. Finally, the application offers cashback tools with a network of partner brands.
Cheaper than other European neobanks
Vivid Money offers two formulas, one free and the other with a monthly subscription, at a more competitive price than the rates charged by competing European neobanks Revolut, N26 or Bunq. It plans to add investment and trade functionality.
The German startup relies on the BaaS (Banking-as-a-Service) bank infrastructure of solarisBank, which gave it the credit institution license, and the Visa network. Only in Germany, it employs more than 180 people and plans to expand to other European countries, without specifying target markets. The only signs: a site and an application, the last update of which is from October 28, available in French, which invites Internet users to register. The company also says it has offices in Amsterdam and Moscow.
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