Berlin-based FinTech startup Vivid Money has raised $114m in a Series C round, propelling the company to a valuation of $884m.
The round was led by Greenoaks Capital with the participation of Ribbit Capital and SoftBank Vision Fund 2.
Vivid Money launched its financial platform in 2020 in Germany, providing a single solution that customers can use for all of their finances, from banking to investing. The company strives to help customers throughout Europe save more and invest intelligently.
The funds will be used to extend Vivid’s investment and banking offerings, focusing on turning Vivid’s ecosystem into a community where customers come to bank, save, invest, learn, and manage all money-related matters. The fundraising will enable a hiring push across the company’s European offices to improve the product, enhance marketing, and build out the application’s educational features.
The challenger bank raised $60m in Series B funding in April 2021, just six months after its $17.6m Series A round.
Alexander Emeshev, co-founder of Vivid Money, said, “There are those who see retail investors as easy sources of revenue, either by betting against them, selling their orders to others, or encouraging risky investing behaviour through casino-like tactics.
“We believe our clients deserve better. By educating them, connecting them with each other and giving them a variety of responsible investing options, we believe we can be a company that fights for our customers.”
Patrick Backhouse, partner at Greenoaks, added, “In just over a year, Vivid Money has already built one of Europe’s most beloved consumer banking platforms, allowing users to manage their entire financial lives in a single app… We think we are still in the first innings of a revolution in consumer banking, and we are delighted to further our partnership with Vivid as they continue to scale.”
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