Vivid Money is a mobile banking and digital wallet app, based in Berlin. Founded in 2019, it recently announced a €100 million fundraising round backed by SoftBank.
By offering a digital banking experience, Vivid Money is taking advantage of the rapid growth of the digital finance sector. This article will discuss how this Berlin-based startup works and how it can help you manage your finances.
Overview of Vivid Money
Vivid Money is a mobile banking app revolutionizing how ordinary people manage money. Founded in 2018, the Berlin-based fintech startup recently raised €100 million with backing from Japanese tech giant Softbank. They are dedicated to making money related functions easier and more accessible, while providing consistent security, stability and reliability.
With Vivid Money, you can set up a bank account in less than 5 minutes without any paperwork or complicated forms to fill out. No need for paper checks or bank visits — everything can be done on your phone and all transactions are tracked in real time. You can check your balance with just one click; view all banking activity; make direct debit payments to companies; and local transfers from bank accounts free of charge within Germany — as well as wire transfers internationally for only 0.25%.
You’ll also have access to additional tools like category breakdowns, budgets, automated savings and bill payments so you always stay on top of your finances. Enjoy peace of mind knowing that 256-bit encryption technology, DDoS / fraud protection mechanisms, multi-level firewalls and 2FA authentication processes secure all data. Whether managing a single account or multiple bank accounts in different countries, Vivid Money makes life simpler, faster and convenient — so you have more time to focus on what matters most.
What services does Vivid Money provide?
Vivid Money is a Berlin-based digital banking service that makes managing finances easier and more convenient for consumers. Founded in 2020, Vivid Money offers an intuitive app that makes it quick and easy to keep track of savings, set goals, transfer money, pay bills, make investments and more. With secure storage of personal data and the highest German banking standards for client deposits, Vivid Money is a safe and reliable method for financial management.
Vivid Money provides several services designed to make managing money more efficient. This includes basic features like transferring money in multiple currencies without paying an exchange fee; accessing library accounts with minimum fees; tracking spending with notifications through the app; direct debit payments via card; automatically accepting payments from other users’ accounts; sending e-invoices to make payments easier; opening special purpose saving goals with return rates higher than normal saving accounts; setting up regular or one-time payments of bills such as rent or electricity fees, through their app or their website interface; setting up direct balances on their app instantly so you can use the funds right away when needed; applying for overdrafts or credit cards through the app itself — all within minutes!
Vivid Money also creates a unique budget profile to help customers better plan for their financial goals.
How does Vivid Money Work?
Berlin-based Vivid Money is a neobanking platform that has recently secured €100 million in funding from SoftBank.
Vivid Money aims to offer users a digital money management experience by consolidating all a user’s financial accounts into one place.
This article examines how Vivid Money works and how it can be used to manage money more effectively.
Signing up for Vivid Money
Signing up for Vivid Money is easy and takes only a few minutes. After downloading the app and verifying your email address, you will be asked to enter your personal information such as date of birth and other contact details. You will then have to link a standard bank account to your Vivid Money account.
Once this is done you can start using the Vivid Money application, which offers a range of features to help you manage your finances effectively, securely and conveniently.
The app allows you to transfer funds between accounts instantly and easily, send money domestically or across borders and make payments from one platform. Moreover, you can also open a savings account in just a few clicks earning attractive interest rates, use budgeting tools such as setting monthly goals and controlling spending – direct from the app – or take advantage of discounts on everyday purchases with partner stores.
Transferring money with Vivid Money
Vivid Money provides a user-friendly way to transfer funds and make payments to other people. All it takes to open a Vivid Money account is a few minutes and valid identification. Once your account is opened, you can instantly transfer money abroad, add a payment card, set up direct debit payments or pay bills quickly with just the touch of a button. In addition, you can benefit from setting up automated transfers with your personal budgeting goal in mind and start saving money immediately.
When transferring money with Vivid Money, you can choose the currency you want to use for international transfers and the type of transfer – for example, Single payment, Fast Payment or SWIFT/SEPA Direct Debit. Furthermore, to ensure your transfers are secure, every transaction made through Vivid Money is subject to rigorous security protocols ensuring maximum safety of your funds.
In addition to traditional financial services such as saving and transferring money internationally, Vivid Money also offers features like its Marketplace offering exclusive discounts from popular brands so that customers can save more on their purchases. Finally, users benefit from access to Vivid Money’s customer support team which is available 24/7 via telephone or online chat anywhere in the world.
Making payments with Vivid Money
Urban mobility, job opportunities and contactless payments are the three pillars of the vision that powers Vivid Money, the Berlin-based challenger bank. The mobile-first fintech ecosystem makes it easy to make payments, transfer money and seek financial advice; all focusing on empowering users to take control of their money.
Making a payment with Vivid Money is simple. When you open an account, a unique IBAN is generated which you can use just like any other bank account to transfer funds or set up automatic transfers. You can also use Vivid Money’s online payment gateway to pay bills, recharge prepaid phones and merchant partners directly from your app. It takes only seconds for your payments to be successful through this gateway – ensuring speed and security when transacting with merchants or escrow companies for goods or services purchased online. Plus, tracking your spending and budgeting becomes effortless as you receive instant notifications every time you pay using Vivid Money.
To ensure your experience is personalized and tailored specifically towards your needs, Vivid Money allows you to add contacts from your address book quickly & easily via Bluetooth or SMS. You will never worry about requesting another user’s bank account details again – just send them the amount they require via app invite in real-time & voila! Your transactions are complete within minutes regardless of whether they’re inside or outside of Europe!
What are the Benefits of using Vivid Money?
Vivid Money is a Berlin-based digital banking service that makes it easy for customers to manage their finances. The service recently raised €100m with backing from SoftBank, demonstrating its ability to keep up with other digital banking services.
But what are the benefits of using Vivid Money? We will discuss this in the following section, looking at the various features that make Vivid Money stand out from the competition.
Low fees
One of the main advantages of Vivid Money is that they have some of the lowest fee structures in the online banking industry. In addition, they can offer lower fees through their savings models and customer loyalty benefits. They also have short-term promotions and discounts encouraging customers to use their services. One example is the possibility to get a free and unlimited currency transfer when they sign up with Vivid Money.
Vivid Money’s fees are calculated according to a flat rate regardless of what type of transaction is being processed and without any additional overhead costs or minimum balance requirements. This allows customers to accurately estimate the cost for each transaction before it occurs, allowing them to allocate funds appropriately throughout their accounts.
Regarding international payments, Vivid Money charges a fixed fee for sending money outside of Europe (€1 for SEPA countries, €3 for other countries outside Europe) with an exchange rate that matches current market conditions at the time of conversion. However, for foreign currency card payments, there is no fixed fee but instead 1% exchange rate commission relative to Euro Zone banks’ standard rates, which helps keep costs low when traveling abroad.
For ATM withdrawals while traveling abroad within European Economic Area (EEA) country currencies, there are no additional fees or markups levied by Vivid Money – instead, activities within this realm adhere strictly to the Visa/Mastercard standard purchase rates that apply within each country for cash withdrawals at ATMs.
Low exchange rates
Berlin-based Vivid Money is an online banking solution that provides customers worldwide with a comprehensive suite of financial services. In addition to traditional banking offerings, Vivid Money features low exchange rates and international money transfer services. So whether you need to send money abroad or purchase from international merchants, Vivid Money can be a great choice for your digital finances.
Vivid Money’s low exchange rates are driven by its Zero FX initiative — a commitment to passing on savings from the currency exchange to customers worldwide. Vivid Money takes the cost out of transferring money across borders by using both innovative tech solutions and the latest financial regulations. Its unique approach means users can access competitively priced transfers in over 50 different currencies without using different banks or payment companies from country to country. This allows users to keep more of their hard-earned money while giving them access to more global opportunities.
In addition, customers benefit from easy currency conversion and various other payment options (including direct debits, bank transfers, credit card payments and ACH payments). All these benefits combine to make Vivid Money one of the most convenient and cost-effective ways to manage your cross-border finances today.
Security and privacy
Berlin-based Vivid Money is a digital bank that allows users to make financial transactions, including payments, transfers and investments, from any device. One of the primary benefits of using Vivid Money is its commitment to security and privacy. This digital bank uses state-of-the-art encryption technology and end-to-end data protection to secure user financial information.
Additionally, all user data stored in Vivid Money’s systems undergoes regular security and risk assessments as part of their compliance with European GDPR. This means that users have peace of mind knowing that their finances are secure and private when they use the banking platform.
Berlin-based Vivid Money raises €100m with backing from SoftBank
Berlin-based Vivid Money recently raised €100 million in financing from SoftBank. This move is part of the company’s strategy to become a leader in the mobile banking space.
Berlin-based digital banking company Vivid Money has secured €100m in a funding round backed by SoftBank. This funding round comes on the heels of the company’s €23.1m seed round from June 2019, taking its total raised to €123.1m.
Vivid Money was founded in 2018 to create a banking platform that offers abundant digital financial services like current accounts, money transfer, and international payments without extra customer costs. It targets customers who demand more flexibility and control over their finances than traditional banks have offered in the past.
The current funding will be used to further accelerate their product development and launch Vivid bank product rollout broadly across Europe including countries like Germany, Austria, Czech Republic, Poland and Finland at first and continuing it further into other countries like France by early 2021. According to the recent announcement made by Vivid money CEO “This financing will help accelerate our goal of providing innovative banking solutions across Europe with partner banks that share our vision for fair banking”
In addition to this €100M backing from SoftBank’s Vision Fund 2, Mastercard joined as a strategic partner with VividMoney giving it access to services including its contactless debit cards which could be integrated into the product offering alongside other features like ATMs etc..
This major funding has enabled VividMoney to reinforce its ongoing initiative into democratizing banking solutions making them available soon in different geographies while maintaining an aggressive pace of product innovation and development centered around customer satisfaction leading to an eventual full scale European bank operation.
Expansion of services
Berlin-based Vivid Money has recently secured €100 million in venture capital financing to expand its services. This investment, led by SoftBank and other leading global investors, allows Vivid Money to scale its services and ignite more technology innovation.
As a rapidly-growing fintech company, Vivid Money offers a comprehensive suite of personal banking features including a no-fee bank account with free international transfers, budgeting tools, access to competitive currency exchange rates, the ability to set up recurring payments and direct deposits deposits through the app, and access to accounts that let you save or invest securely. In addition, vivid Money recently launched an artificial intelligence-enabled debit card that gives users personalized spending advice in real time.
With this funding round and virtual banking license, Vivid Money looks forward to making banking easier for customers worldwide.
Conclusion
Berlin-based Vivid Money is a financial services provider that offers a banking app that allows its customers to manage their money on mobile devices. The company has raised €100m in Series C funding, with SoftBank as its lead investor. The money raised will be used to further invest and grow the Vivid Money platform, including increasing its customer base in Europe and other global markets.
Vivid Money allows customers to access their bank accounts in different countries within the Eurozone, allowing them to efficiently manage their finances regardless of location. Customers can also access international payment services and use the app to pay bills at home and abroad. Vivid Money also offers features such as low fee transfers, real-time notifications of transactions or spending limits.
By teaming up with SoftBank, Vivid Money has the potential for further growth with additional resources and capital, making it even easier for customers to stay on top of their finances anywhere in the world.