Vivid Money sets out to “conquer the European banking market” on the back of solarisBank and Visa partnerships

Vivid Money, the mobile banking platform, has officially launched in Germany with ambitions to grow across the continent.

The Berlin-based startup made the announcement together solarisBank, the tech company with a banking license, and Visa in Germany

Vivid Money is developed with the aim to empower its customers to better manage their money by combining what it refers to as a “all-in-one mobile-first approach with a full-service package.”

What this means is that customers using the company’s app will be able to quiclly open an account for free and subsequewntly manage their finances simply and intuitively via their smartphone. With their account comes a free anonymised metal Visa debit card for secure payments and cash withdrawals.

Additionally, Vivid Money will also offer other services such as cashback programmes, sub-accounts in foreign currencies and, in the near future, investment products.

So far it is only operating in Germany but the company plans to roll out its services in other European countries in the near future.

“We are living in a time when people are receiving no or even negative interest rates for their deposits and high transactional costs,” said Artem Yamanov, co-founder of Vivid Money. “Even today, they are still suffering from poor service in banking and investing. With Vivid Money, we want to change this. We enable our customers to organise their financial life easily, securely and in all its different facets – from spending to investing – all in one app and individually tailored to their needs.

“We want to educate our customers how to grow their money, providing them with the right tools to save automatically. With Vivid Money, they have numerous options to grow their wealth without having to open a separate account or deposit account with different providers for each service. This way, they can easily start with stock trading and start to take control over their financial lives.”

Roland Folz, CEO of solarisBank, welcomed Vivid Money as its newest partner, saying that it trusting solarisBank’s banking-as-a-service platform would enable the startup to “conquer the European banking market.”

solarisBank revealed in December 2019 that it was doubling down on its efforts to go into the cryptocurrency space by launching its new subsidiary solaris Digital Assets. This, it said, would enable it to strengthen its grip on the digital assets market. It had previously launched solarisBank Blockchain Factory, a banking infrastructure provider, in 2018.

Albrecht Kiel, regional managing director Central Europe at Visa, also welcomed the collaboration between the three companies, noting that the launch comes at a transformative time. “The payment behavior in Germany is currently changing rapidly – consumers increasingly want to pay digitally – mobile and contactless,” Kiel said. “This is why the launch of the mobile-first Visa Debit card by Vivid comes exactly at the right point in time. I am convinced that the joint product proposition by Visa, Vivid, and solarisBank will further drive the adaptation of digital payments in Germany.”

Copyright © 2020 FinTech Global

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