Fintech startup Vivid Money raises $17.6M

Berlin-based financial platform and mobile banking app Vivid Money has raised a $17.6 million Series A funding round led by Ribbit Capital. Launched in 2020, the challenger bank promises low fees and an integrated cashback program. The two co-founders, Alexander Emeshev and Artem Yamanov, previously worked as executives for Russian bank Tinkoff Bank . 

Vivid relies on SolarisBank for the banking infrastructure, a German company with a banking license that provides banking services as APIs to other fintech companies. As for debit cards, Vivid is working with Visa. When you sign up, you get a current account and a metal debit card that can be controlled via the app. There are two plans — a free plan and a premium subscription for €9.90 per month. Prime users get higher limits on cash back, more ways to earn cash back, higher limits on cash withdrawals and a free virtual card.

Currently, Vivid Money is only available in Germany but the company has plans to expand to other European countries.