Mobile banking platform Vivid Money has announced its launch together with tech company solarisBank and Visa in Germany.
The Berlin-based company aims to help people to make more of their money by combining the all-in-one mobile-first approach with a full-service package.
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So far, Vivid Money offers services including cashback programmes, sub-accounts in foreign currencies, and is set to launch investment products.
Artem Yamanov, Vivid Money co-founder, said: “We are living in a time when people are receiving no or even negative interest rates for their deposits and high transactional costs. Even today, they are still suffering from poor service in banking and investing. With Vivid Money, we want to change this.
“We enable our customers to organise their financial life easily, securely and in all its different facets. We want to educate our customers how to grow their money, providing them with the right tools to save automatically.
Using the Vivid Money app, users can open account for free and manage their finances via their smartphone. In addition, with their account, customers will receive a Visa debit card for secure payments and cash withdrawals.
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By GlobalDataCollaborating with solarisBank and Visa
To carry out the launch, Vivid Money has collaborated with solarisBank, which provides the fully licenced Banking-as-a-Service platform, and Visa as a payment technology partner for Europe.
Dr. Roland Folz, solarisBank AG CEO, said: “We are excited to welcome Vivid Money as our newest partner. By trusting our proven banking-as-a-service platform, Vivid Money is well prepared to conquer the European banking market. With our modular approach and an easy-to-integrate, scalable infrastructure we reduce time to market significantly and enable Vivid Money to compose an attractive offering that allows them to grow fast.”
The launch comes as the payments landscape in Germany has switched to digital methods such as mobile and contactless.
Albrecht Kiel, Regional Managing Director Central Europe at Visa, said: “We are proud to be the exclusive launch partner for Vivid in Europe and to support their entry into the German market. The payment behaviour 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. I am convinced that the joint product proposition by Visa, Vivid, and solarisBank will further drive the adaptation of digital payments in Germany.”
