Berlin-headquartered Vivid Money, a digital banking service provider that’s supported by Russia’s Tinkoff Bank, launched on June 8, 2020 through a partnership with solarisBank and payments giant Visa.
Vivid Money says it’s the first mobile-based, full-service banking solution, providing cashback incentives, sub-accounts in major foreign currencies, and also plans to offer investment products via an easy-to-use app.
Established in 2019 by Artem Yamanov and Alexander Emeshev, Vivid Money has around 130 professionals on its payroll.
Yamanov and Emeshev already have experience working with other Russian banks.
Tinkoff is an online financial and lifestyle services provider operated by TCS Group Holding. The company has reportedly provided a seed or initial investment to Vivid Money, however, the amount invested has not been shared publicly.
Vivid Money is working cooperatively with solarisBank, which will offer a licensed Banking-as-a-Service (BaaS) platform that will allow the German Fintech to offer compliant financial services.
Roland Folz, CEO of solarisBank, stated:
“We reduce time to market significantly and enable Vivid Money to compose an attractive offering that allows them to grow fast.”
Vivid’s app is also going live with Visa as its exclusive payment technology partner in Europe.
The Fintech firm’s users will get an “anonymized,” metal Visa debit card after they’ve opened their accounts.
Albrecht Kiel, regional MD of central Europe for Visa, remarked:
“The payment behavior in Germany is currently changing rapidly – consumers increasingly want to pay digitally – mobile and contactless. This is why the launch of the mobile-first Visa Debit card by Vivid comes exactly at the right point in time.”