Vivid Money

History

2023: Vivid Money Owners

As of April 2023, the company's owners include Ribbit Capital, Greenoaks Capital and Softbank.

2022

TCS Group's exit from Vivid Money capital

As representatives of Vivid Money specified to TAdviser, as a result of the TCS Group transaction, from December 2022, it is no longer present in the capital of Vivid Money.

Attracting 100 million euros of investment

On February 7, 2022, Vivid Money announced an investment of 100 million euros. According to the results of the Series C financing round, the assessment of the German fintech startup of immigrants from Tinkoff Bank amounted to 775 million euros, which is more than twice the figure for the previous investment transaction.

The lead investor in the round, which was announced on February 7, 2022, was Greenoaks Capital. It was joined by Ribbit Capital and Vision Fund 2 funds. Investors' shares were not disclosed.

German fintech startup Vivid Money immigrants from Tinkoff Bank raised 100 million euros

Vivid Money plans to invest the funds received in improving the functions of the application and expanding the number of employees in its European offices, as well as developing the business model and expanding investment and banking offers. Over the year, Vivid Money, according to the company, expanded its user base fivefold to 500,000, and annual revenue grew by about 25 times (the absolute figure was not named), its press service said on February 7, 2022.

The service wants to create a community for customers where they can receive services, invest, learn and get answers to questions about money and everything related to it. The startup plans to hire employees in the marketing department and develop educational sections in the application.

Our customers need more than just a banking app - they need a place where they can save their money, invest and organise day-to-day financial affairs. Our vision is to become the only place where they can do it, "says Vivid Money co-founder Artem Yamanov. - Now we are ready to strengthen our existing product and expand it by connecting our clients with each other and creating a community of like-minded people who have devoted themselves to joint training and increasing their money.[1]

2021: Raising $73 million in investments, estimated at $436 million

At the end of April 2021, it became known about the attraction by Vivid Money of investments in the amount of $73 million. The investment company Greenoaks has invested the most in this service for managing personal finances. The Ribbit Capital fund also took part in the Series B funding round, which had previously invested in this project, founded by former top managers of the Tinkoff group.

According to TechCrunch, following an investment deal announced at the end of April 2021, Vivid Money was valued at $436 million against the $117 million valuation that took place in the previous round (held in November 2020).

Attracted investments fintech-startup intends to spend on the development of its product and its launch in new European countries.

Fintech firm Vivid Money raises €15m investment

We want our users to be able to organise all their financial needs - investments, savings, stocks and crypto assets, and financial education - in one app. This is what we differ from competitors. We plan to attract more customers throughout Europe, - said the co-founder of Vivid Money Artem Yamanov, who previously held a high-ranking position in the Tinkoff group.

TechCrunch calls the service a competitor to Revolut, the British fintech company of Nikolai Storonsky and Vlad Yatsenko, created specifically for the eurozone. Earlier, investors valued Revolut at $5.5 billion.

In March 2021, the founder of the Tinkoff group Oleg Tinkov on the social network Clubhouse called Vivid Money "little Tinkoff."

But once there will be a large Tinkoff from the point of view of the product offer and from the point of view of customers. But not quite - this is not our project. It's just our former employees doing it, - said Tinkov, adding that this service was created by the second person in the bank - Artyom Yamanov.[2]

2020

Attracting 15 million euros of investment

In early November 2020, Vivid Money raised 15 million euros of investments in the Series A round. The fintech startup, founded by former senior vice president of business development at TCS Group Artem Yamanov and former vice president of new product development at TCS Group Alexander Emeshev, intends to spend on product development and business expansion. In particular, investment products are expected to appear on the Vivid Money app in the near future.

The main investor in the financing round was Ribbit Capital. How much money he invested in the fintech project and what share he received in it was not reported by November 5, 2020. The cost of Vivid Money is estimated by investors at 100 million euros.

Vivid Money raised €15m of investment

The retail savings and investment market in Europe is ripe for a breakthrough, being both gigantic and outdated, "says Artyom Yamanov, commenting on attracting investments. - Partnering with Ribbit Capital gives us even more room to refine our product in all its aspects. With this funding round, we have taken a big step closer to our goal of offering an incomparable investment product across Europe.

By November 5, 2020, Vivid Money is available only in Germany, but the company plans to enter other European countries. In Europe, the startup competes with fintech services N26 and Monzo.

Earlier in 2020, it became known about the plans of TCS Group to invest 25 million euros Vivid Money. Yamanov and Emeshev also own the company's shares, but the shares of the shareholders were not disclosed.

The group will help the service not only with money, but also with expertise, the chairman of the board of Tinkoff Bank Oliver Hughes told Vedomosti. However, according to him, the bank does not need to create a European division.^[3]

Getting started in Europe

On June 8, 2020, Vivid Money, founded by former top managers of Tinkoff Bank Artem Yamanov (ultimate beneficiary of Vivid Money) and Alexander Emeshev, announced the launch of the same name fintech service in Europe. It allows you to open accounts, transfer money and change currency without commission. 

The application was launched in Germany, its partners were the German bank SolarisBank (as part of the project, it provides its licensed platform for online banking) and the Visa payment system.

Former Tinkoff top managers launch fintech service in Europe

Vivid Money users can create an account to manage their personal finances from a smartphone. Together with the bill, they will receive a virtual card, which can also be issued in metal form - for payments and cash withdrawals. The card does not contain the personal details of the holder, as well as the number and validity period, and all this information is stored in the application.

You can open an account with both standard and premium service. In the first case, the service will be free, in the second its cost will be €9.90 after three months of free service. Cash withdrawals are free of charge up to €200 or €1000 per month, after which the commission will be 3%. Card maintenance - €1.

Vivid Money allows you to open bank accounts in more than 100 currencies, make payments and transfers, withdraw cash, and receive cashback for purchases up to 10%. A Visa digital card is opened to the account, which can also be obtained in metal form.

The main investor in the project was TCS Group, which initially planned to invest about 25 million euros in Vivid Money. It was assumed that the money will flow into the project gradually during 2020.

Yamanov worked at Tinkoff Bank as senior vice president for business development , Emeshev as vice president for new product development. They left TCS Group in February this year to focus on developing their fintech company in Europe.^[4]

Notes