Vivid is a new Competitor bank made on top of Solarisbank
Meet Vivid, a new Challenger bank launched in Germany that promises low fees and an integrated cashback program. The two co-founders Alexander Ashev and Artem Yamanov previously worked as executives for the Russian bank Tinkf Bank.
Flaming does not seek to reinforce the wheels and is building its product on top of well-established players. It relies on SolarisBank for banking infrastructure, a German company with a banking license that provides banking services in the form of APIs to other fintech companies. For debit cards, Vivid is working with Visa.
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If you live in Germany and want to sign up at Vivid, you can expect a lot of features that you can find in other challenging banks, such as the N26, but with some additional features. Flaming users get a current account and a debit card. They can then manage their money with a mobile app.
The physical vivid card does not contain any identifiable details – there is no card number, expiration date and CVV. U.S. Like Apple’s credit card, you need to check the mobile app to see those details. Every time you shop, you get a notification. You can lock and unlock your card from the app. The card works in Google Pay but is not yet in Apple Pay.
To make money management easier, Vivid allows you to create pockets. They are sub-accounts presented in grid view, such as Lydia or N26 spaces. You can swipe your pocket from one pocket to another and carry money between pockets. Each pocket has its own IBAN.
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You can attach your card to any pocket. Soon, you will be able to share a pocket with another fiery user. For example, on Revolut you can exchange money in another currency. The company adds a small markup fee, but does not share more details.
For the cashback feature, the startup focuses on a handful of partnerships. You can earn 5% on purchases on REWE, Liferando, BoFrost, Eismann, HelloFresh and Too Good to Go, and 10% on online subscriptions, such as Netflix, Prime Video, Disney + and Nintendo Switch Online. While it is generous, you are limited to a maximum of 20 € in cashback per month.
Interestingly, Vivid also wants to bring back the Foursquare-style mayorship. If you often go to the same bar or cafe and you spend more than any other fiery user over a two-week window, you become a mayor and get 10% cashback.
Vivid has two plans – a free plan and a fiery Prime membership for € 9.90 per month. Prime users get a metal card, more cashback on every day purchases and more withdrawal limits.
The company plans to start stock and ETF trading in the coming months. Vivid also plans to expand to other European countries this year.
Vivid is entering a crowded market but already offers a solid product if everything works as expected. It will be interesting to see how the product develops and if they can attract a large user base.
