German challenger bank Vivid Money has raised €100m ($114m) in a Series C funding round led by Greenoaks Capital.
The funding round raises its valuation to €775m ($886m).
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The figure represents a more than twofold increase since the bank’s last fundraising. In early 2021, Vivid Money raised €60m in a Series B funding round at €360m valuation.
Vivid’s existing backer Greenoaks Capital led the latest round with participation from returning investor Ribbit Capital and new investor SoftBank Vision Fund 2.
The fintech firm will use the proceeds to expand its product portfolio and develop Vivid into a platform to allow customers to manage all their finance-related matters.
The investment will also be used to hire new talent across Vivid’s European offices to improve product development, enhance marketing, and develop the application’s educational features.
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By GlobalDataVivid Money co-founder Artem Iamanov 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 are 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.”
Founded in 2020, Vivid Money offers a single solution to cater to customers’ financial needs ranging from banking to investing.
Other than the company’s banking offerings, customers also have the ability to invest in stocks, crypto, and precious metal assets using Vivid’s fractional shares, coins and metals.
Additionally, Vivid allows customers to invest in Special Purpose Acquisition Companies (SPACs).
Greenoaks partner Patrick Backhouse said: “In just over a year, Vivid Money has already built one of Europe’s most beloved consumer banking platforms, allowing users to manage their entire financial lives in a single app. We think we are still in the first innings of a revolution in consumer banking, and we are delighted to further our partnership with Vivid as they continue to scale.”
