Vivid Money, a leading European financial platform, has recently expanded its portfolio through the acquisition of the treasury solution from Pile Capital, a prominent provider of treasury and cash management solutions tailored for small businesses.
Vivid Money, established in 2019 in Berlin, is known for integrating daily financial needs into a single application, offering services from payments to investments without unnecessary fees.
Pile, launched in 2022 also in Berlin, is recognised for its innovative financial dashboard that assists startups and small enterprises in managing their finances independently of banks.
The acquisition aims to enhance Vivid Money’s financial offerings for small and medium-sized enterprises (SMEs) by integrating Pile’s advanced treasury solutions. This strategic move is designed to strengthen Vivid’s position in the SME banking market.
Vivid Money’s services range from spending and saving to investing, with a customer base of over 500,000 across Europe. On the other hand, Pile has carved a niche in offering a modern, efficient, and secure treasury solution that works across all major banks, primarily aiding SMEs in optimizing capital management and minimizing financial risks.
The integration of Pile’s treasury solutions into Vivid’s platform will occur in two phases. Initially, starting from July 2nd, Pile customers will transition to Vivid’s diverse service range. Subsequently, specific features like Pile’s popular multi-banking feature will be incorporated into Vivid’s product offerings. This phased integration ensures a smooth transition and continuity of service for all existing Pile customers.
The Pile team, consisting of ten members, will be involved in the transformation process and will potentially join Vivid in the long term. Pile’s founder, Jessica Holzbach, will act as an advisor to Vivid, aiding in the transition over the coming months, ensuring that the integration leverages both companies’ strengths effectively.
Vivid Co-Founder, Alexander Emeshev, remarked, “The Pile team has identified a critical market need that we also see among our customers. The excellent work of the Pile team provides the perfect foundation for expanding our business segment and allows us to offer our joint customers a broader and deeper product range.”
Pile Founder and CEO, Jessica Holzbach, stated, “I am very pleased that we have found a strong partner in Vivid to help us address a central customer need. While we have already developed a powerful and innovative product with Pile, its true strengths and full potential can only be fully realized in combination with a comprehensive financial platform like Vivid.In collaboration with Vivid, Pile’s treasury solution can benefit from expanded resources, greater market access, and a more advanced technological base.”
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