Germany based financial platform Vivid Money that helps people to make investments with their daily expenses announced on 5th November 2020 that they have raised US$ 17.6 million (€15 million) funding in a series A round led by Ribbit Capital.
This fresh funding brings the company’s total valuation to US$ 117 million (€100 million). The platform is currently available only in Germany but they have the future plans of scaling in other European countries as well. The new funding will be invested for the development and growth of their platform.
The mobile banking app cum financial platform Vivid Money helps people to save and invest while making daily expenses. After signing on the Vivid Money app the customers get a free metal card that earns them rewards every time they make a transaction using it. The customers get cash back of 10% for every transaction which is automatically stored in the stock rewards pocket which increases in value when the company customer opted for, grows in their stock value.
The customers can create sub accounts or pockets. Each of these sub accounts has their own international Bank account number. The customers can invite other users of the app particular pockets and join one card with another pocket. They also have the option of adding an additional physical card at €20 and a virtual one at €1.
Vivid money has two plans for the customers, free plan and a premium subscription. The premium subscription has a €9.90 monthly payment model. The premium members are offered with higher limits on cash backs, cash withdrawals, virtual card free of cost, and have more ways to earn cash backs.
The vivid money metal card provides a whole new level of security features which the physical cards lack. The card doesn’t have the card number, CVV or expiry date so even if the card gets lost your details are absolutely safe. The Vivid Money accounts are protected by biometrics, the card and account both are secured through face recognition, pin code and fingerprints. Customers have the control of their account they notified in real time so that activities and balance updates are always in view of customers. Also locking and unlocking the car is done just with a tap so that customers can stop and start card operations anytime as per the convenience.
Vivid Money also analyses the transactions of customers to identify the recurring subscriptions so that the customers can block any future charges. The customers can also make transactions with other users within the app. They also have the option of generating a link so that the person they are sending money can enter the banking details. Their app is available on both iOS and PlayStore.
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