This article was first published on Silicon Republiccryptocurrency – Silicon Republic
Berlin’s Vivid Money, a newcomer on the neobank scene, has raised €60m in a Series B round to expand in Europe.
The company, founded in 2019, presents itself as an all-in-one digital banking app for payments, savings and investing in stocks and crypto assets, which includes very low minimum investments and education features to help people get involved in trading. It plans to generate revenue from subscription services.
The round was led by Greenoaks with previous investor Ribbit Capital contributing. The investment follows a €15m round just last November.
“This latest round of investment is a strong signal of support for our vision of a better future for European retail investors and customers,” co-founder Artem Yamanov said.
He added that the broad offering will set the company apart from the competition and is how it plans “to attract more customers across Europe”.
Vivid Money launched in its native Germany last year and has since moved into France, Spain and Italy. It now plans to expand into more countries in Europe after this latest funding round. The company has eyes on launching in Ireland but had no further details to share yet.
Whether it’s payments, savings or investments, Vivid will face stiff competition in a bloated fintech market in Europe. Revolut and N26 dominate the fintech start-up space across the region for day-to-day payments, with both rolling out features like trading and loans.
There has also been a glut of stock and crypto asset trading apps in the market, like Freetrade, which is just fresh off its own substantial funding round.
Alex Emeshev, the other co-founder of the company, said that trading and investment features from fintech start-ups need to come with sound educational pieces to help users understand what they are getting into.
“By educating them and guiding them as ...
To keep reading, please go to the original article at:
Silicon Republiccryptocurrency – Silicon Republic