Vivid Money has raised $17.6m in a Series A round led by Ribbit Capital and aimed at boosting the challenger bank’s growth.
The new round gives the German FinTech venture a valuation of $117m, according to TechCrunch.
The news comes on the back of the neobank starting to accept customers in June. The Berlin-based startup is also collaborating the banking licence-holding company solarisBank and Visa in Germany
Vivid Money customers can expect to regular bells and whistles associated with challenger banks, from prepaid metal debit cards and it working with Google Pay and Apple Pay.
Customers can also enjoy a subscription tracking service and open up sub-accounts called pockets that each have their own IBAN.
While currenly only operating in Germany, Vivid Money 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, earlier this summer. “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.”
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