886M survey to expand in Europe

intense Money, A opposition bank out of Berlin with 500,000 owners, Has made a name for itself with economic one stop shop app that, In addition to basic checking and management of their bucks services, Also includes stock and cryptocurrency buying. then, As it gears up to add more service to its platform and expand across all of Europe, The charmdate scam international has raised 100 million ($114 million), In a set C round of funding led by Greenoaks Capital, With Ribbit Capital and new backer SoftBank Vision Fund 2 also partaking.

The start up funds values Vivd at 775 million ($886 milion at presently rates). for a lot of context, This is more than double organization valuation (360 million) to be able to last raised money, A 60 million round of golf in April 2021. Its member also increased five fold in that period, And its bottom line grew 25x, an additional said. Vivid doesn share the exact amount deposited on its platform, Or any exactly transaction volumes, yet,yet somehow Alexander Emeshev, Vivid co founder, Said it is on target to reach 1 million users by the end of this year.

Vivid today is active in four currency markets Germany, england, Spain and Italy and the plan is to add five more this year, And to be presented across all of Europe by the end of 2023. In terms of new releases, The company is in the early stages of rolling out insurance offerings, And Emeshev said it will be adding its first credit products later this year (Vivid currently provides a Visa debit card to users).

started in 2020, may call Vivid a startup, With a mobile first offering striking the right chord with its 30 something users who had not only been already turning away from traditional banking and investment services, But found very own spending more time at home due to the pandemic and reconsidering how to manage their financial lives.

As with various other neo banks, Vivid basic free banking is built on top of another provider facilities in its case, Solarisbank, One of the big embedded finance players in the area. It augments this with more customized management of your capital services that it has built itself for example, Customers can split their funds into up to 15 based on specific purposes; Money can be moved between pockets very easily and other personalization services.

coupled those core services, Newer waves of financial services relating to cryptocurrency and other newer trading formats, Like exchange traded funds (ETFs), Were also attaining ground, So this was something that Vivid also set out to tap.

Vision was to target continental Europe, A huge sell for investment and savings, SaidArtem Iamanov, the other co founder of Vivid Money, In interviews. Knew that decentralized investment, And other kinds of various other investment approaches, Were flourishing, And that they were not really connected to the traditional banking world.

Vivid solution has been to create a set of services for users to easily learn about and thus invest in stocks and currencies using their existing fiat accounts. It does this by way of a portal that gives a fairly wide range of options for example it currently has 50 cryptocurrencies to select from, moreover 3,000 stocks and ETFs designed to appeal to users who are likely new to the field of decentralized finance and might be trying various things out. (some of those new investment vehicles are also SPACs; Vivid is one of the few platforms that lets ordinary consumers invest in these vehicles in the region.)

Saw a huge gap in between old and new stuff, And so we saw enable you to create a super app to give users access to products that intersect between these two worlds, Iamanov described.

Maybe neobanks will break nevertheless had comments all

In a market full of challenger banks and some very close Vivid competitors such as Sequoia backed neobroker Trade Republic Vivid backers believe business traction and all in, Easy approach that appeals to new consumer investors will see private information picking up more users and usage as it expands.

“In just over a year, Vivid Money has now built one of Europe most beloved consumer banking platforms, Allowing users to manage their entire financial lives in a single app. Since we invested yr after, We been thrilled to watch their rapid pace of new service, which contains delighted existing users, Attracted clients, And deepened the woking platform value proposition, Said said meat Backhouse, better half at Greenoaks, In your firm stand out. Think we are still in the first innings of a movement in consumer banking, And we are delighted to further our jv with Vivid as they continue to scale.