Meet Vivid, a model new challenger monetary establishment launching in Germany that ensures low costs and an built-in cashback program. The two co-founders, Alexander Emeshev and Artem Yamanov, beforehand labored as executives for Russian monetary establishment Tinkoff Monetary establishment.
Vivid doesn’t try and reinvent the wheel and is developing its product on excessive of well-established players. It relies on solarisBank for the banking infrastructure, a German agency with a banking license that offers banking firms as APIs to completely different fintech companies. As for debit enjoying playing cards, Vivid is working with Visa.
Within the occasion you reside in Germany and must sign as a lot as Vivid, you’ll depend on an entire lot of choices that yow will uncover in numerous challenger banks, much like N26, nevertheless with only a few additional choices. Vivid prospects get a gift account and a debit card. They will then deal with their money from the cell app.
The bodily Vivid card doesn’t attribute any identifiable particulars — there’s no card amount, expiry date or CVV. Much like Apple’s financial institution card inside the U.S., it is a should to check the cell app to see these particulars. Every time you make a purchase order order, you acquire a notification. You can lock and unlock your card from the app. The cardboard works in Google Pay nevertheless not however in Apple Pay.
In order to generate revenue administration less complicated, Vivid lets you create pockets. These are sub-accounts provided in a grid view, like on Lydia or N26 Areas. You can switch money between pockets by swiping your finger from one pocket to a unique. Each pocket has its private IBAN.
You can affiliate your card with any pocket. Shortly, you’ll moreover be able to share a pocket with one different Vivid shopper. Like on Revolut, you’ll change money to a unique foreign exchange. The company offers a small markup worth nevertheless doesn’t share additional particulars.
As for the cashback attribute, the startup focuses on a handful of partnerships. You can earn 5% on purchases at REWE, Lieferando, BoFrost, Eismann, HelloFresh and Too Good To Go, and 10% on on-line subscriptions, much like Netflix, Prime Video, Disney+ and Nintendo Swap On-line. Whereas it’s generous, you’re restricted to €20 most in cash once more per thirty days.
Curiously, Vivid moreover wishes to hold once more Foursquare-style mayorship. Within the occasion you normally go to the equivalent bar or café and in addition you spend higher than each different Vivid shopper over a two-week window, you develop into the mayor and procure 10% cashback.
Vivid has two plans — a free plan and a Vivid Prime subscription for €9.90 per thirty days. Prime prospects acquire a metallic card, additional money once more on frequently purchases and higher withdrawal limits.
The company plans to launch stock and ETF shopping for and promoting inside the coming months. Vivid moreover plans to turn into completely different European worldwide areas this 12 months.
Vivid is coming right into a crowded market, nevertheless already presents a robust product if the whole thing works as anticipated. It’s going to be attention-grabbing to see how the product evolves and if they will enchantment to an enormous shopper base.