Company Research Report: Vivid Money

Company Overview

• Name: Vivid Money

• Mission: Vivid Money believes managing finances should be simple and accessible for everyone. They focus on providing a one-stop solution for all personal and business financial needs, enabling users to grow their businesses without dealing with complex banking providers.

• Founded: 2019

• Founders: Not explicitly mentioned

• Key People:

• Robert Scharfe (Board of Directors)

• Gianluigi Girardi (Country Lead for Italy)

• Headquarters: Berlin, Germany

• Number of Employees: 200+

• Revenue: No information is available

• Known For: Vivid is known for its modern financial services platform, offering products across business accounts, interest accounts, international transfers, and much more. Vivid aims to create a seamless banking experience through its "super app," combining personal and business banking with investment opportunities. They have expanded their services across 30 EEA countries.

Products

Business Account

• Description: A solution designed for companies and freelancers to manage finances digitally.

• Key Features:

• Quick registration with up to 30 German IBANs

• Instant transfers and cashback options

Interest Account

• Description: An account offering competitive fixed annual interest rates.

• Key Features:

• 4% annual interest for the first two months, followed by interest rates up to 3% depending on the plan.

• Money is invested in Qualifying Money Market Funds.

International Transfers

• Description: Facilitates ease of funds transfer internationally.

• Key Features:

• Instant transfers via SEPA and SWIFT

• Easy redirect of direct debits

Cards & Cashback

• Description: Offers free cards and cashback for transactions.

• Key Features:

• Customizable card permissions for team members

• Options for personal or business spending

Integrations

• Description: Allows users to connect Vivid with other financial tools.

• Key Features:

• Integration with accounting tools for streamlined money management

Investment Products

• Description: Opportunities to invest in Stocks, ETFs, and Cryptocurrencies.

• Key Features:

• Allows diversification of assets with detailed compliance oversight

Recent Developments

• New Launches:

• Recently launched Vivid Business accounts in Spain catering to companies and freelancers offering up to 5% annual interest for the first two months.

• Launched Interest Rate Pocket yielding up to 5.38% interest per year (as of July 26, 2023).

• Acquisitions & Partnerships:

• Acquired Pile's treasury solution to bolster its SME portfolio in July 2024.

• Acquired Luxembourg Fintech Joompay to expand service offerings (November 2023).

• Regulatory Milestones:

• Vivid obtained registration as a Virtual Asset Service Provider (VASP) from France's AMF in July 2023.

• Expansion:

• Expanded into 23 additional EU countries with instant transfer services as of January 2024.

• Recognition:

• Received multiple industry awards including "Top Mobile Banking 2024" by Handelsblatt and recognition as one of the "Top German Startups 2024" by LinkedIn.

• New Appointments:

• Appointed Robert Scharfe to the Board of Directors and Gianluigi Girardi as Country Lead for Italy to strengthen European operations.

Additional Information

• Vivid Money operates under a strict regulatory framework, ensuring customer funds are safe and segregated. The company complies with GDPR regulations and other European financial authority standards to ensure confidentiality and security.

• They are backed by renowned investors and have raised over €200M, emphasizing growth within the fintech landscape across Europe.

The above information provides a comprehensive snapshot of Vivid Money’s current market position, product offerings, and recent strategic movements in the financial services sector.