Startup spotlight: Vivid turns spending into rewards
Seeking to shake up the world of savings accounts in banking, Vivid Money is on a mission to put the customer firmly in control of their own finances.
Although still a young company, it was founded and launched in Germany in 2019, founders Artem Yamanov and Alexander Emeshev bring over 30 years of combined experience within the tech and financial services sectors.
At its core, Vivid is about the democratisation of modern digital banking and providing everyone with the opportunity to manage and grow their money. As stated on the company website:
“We saw zero or sometimes even negative interest rates on deposits and how customers were struggling with fruitless efforts to grow their savings. Many people believe that saving and building wealth is only available to a selected few, but we wanted to change this.”
Doing more for customers
Vivid currently offers two types of account: Vivid Standard and Vivid Prime. While the latter costs €9.90 per month to maintain (following a three-month free trial), the former is free and includes a range of the premium offering’s benefits. These include but are not limited to:
- A distinctive metal bank card
- 10% cashback through the Champion programme
- Fee-free international payments
- Budgeting and spending forecasts
- A deposit guarantee of up to €100,000
Vivid Premium augments several aspects of Standard and adds exclusive benefits too, such as:
- 3% cashback on all purchases in restaurants and cafes outside of Europe
- 1% cashback on all purchases outside of Europe
- Live exchange rates in over 100 local currencies (only 40 with Standard)
- Free cash withdrawal up to €1,000 (€200 with Standard)
Making investment easier
Not satisfied with offering dynamic saving and current accounts, Vivid is also exploring concepts to make investment in stocks and shares easier than ever before.
Users will be able to download a dedicated app allowing them to buy and sell US and EU stocks on-the-go.
Providing customers with fee-free investment opportunities in the US market and charging only a small flat fee for the EU, the company is proposing a streamlined, efficient and fully digital service wherein money can be invested and withdrawn in seconds.
“We founded Vivid wanting to bring a colourful and an entirely different experience into modern banking,” summarises the company.
“Banking needs to put the customer first and in control. With our knowledge and experience, we strive to help our customers earn, grow, and increase their capital. Online banking needs to be very easy and on the other hand, very safe. Vivid is a financial platform that lets customers live their economic lives to the fullest.”