Berlin-based Vivid Money raises €100m with backing from SoftBank
The Berlin-based fintech will use the cash injection to bolster its investment and banking offering, and ramp up the hiring of staff across its European offices.
Vivid Money, a German startup that marries up spending, saving and investing in one app, has raised €100m, with backing from first-time investor SoftBank.
The funding round was headed up by San Francisco VC firm Greenoaks Capital with funding also coming from existing investor Ribbit Capital, the VC fintech investor, and SoftBank's Vision Fund 2.
SoftBank’s multi-billion dollar venture fund has recently led multi-million dollar investments into Revolut,eToro and Klarna, cementing its position as one of Europe’s most prolific fintech investors.
Following the Series C funding round, Vivid Money has hit a valuation of around €775 million, which is more than double its previous valuation of $360m when it raised $60m in April last year.
Vivid Money, launched just two years ago, has around 500,000 customers across Europe and around 300 staff.
It offers its customers a one-stop-shop of spending, saving and investment tools within the app.
As well as money management services, it also offers crypto investing.
The Berlin-based fintech will use the cash injection to bolster its investment and banking offering, and ramp up its hiring of staff across its European offices.
It is currently active in four markets- Germany, France, Spain and Italy — and according to TechCrunch plans to add five more this year, and to be available across all of Europe by the end of 2023.
Artem Iamanov, co-founder of Vivid Money, said: “Our customers need more than just a banking app; they need a place where they can save, invest, and organise their daily financial matters.
“Our vision is to become the one place where they can do that. We’re now ready to strengthen our existing product and expand it further by connecting our customers to each other and establishing a community of like-minded people who are dedicated to learning and growing their money together.”