Vivid Money, a German fintech startup raised $17.6 million Series A funding round. Ribbit Capital is leading the investment and the valuation of Vivid Money is approximately $117 million, according to report in TechCrunch.
Vivid Money started accepting customers just a few months ago and with each account, customers receive a metal debit card which can be controlled from the Vivid Money app. The card can be locked or unlocked with the app and it works with Apple Pay and Google Pay.
Vivid Money app users can also create sub-accounts called pockets, each with its own IBAN. Users can invite others to use specific pockets or associate a card with a specific pocket. Additional physical cards or virtual cards can be ordered.
The fintech also analyzes transactions to identify a customer’s recurring subscriptions, giving them the ability to block future charges if necessary. Vivid Money users can also send money to other users from the app and generate a link so that the recipient can enter their banking details.
There are also cashback features and the company plans to offer the ability to invest and buy shares from the app in the future.
Vivid Money has two plans for customers to choose from; a free plan and a premium subscription plan that costs a monthly premium. Premium plan users get higher limits on cashback, more ways to earn cashback, higher limits on cash withdrawals and a free virtual card.
At present, Vivid Money is only available in Germany, but has plans to expand to other European countries in the near future.