Meet Vivid, a brand-new challenger bankreleasing in Germany that promises low costs and an incorporated cashback program. The 2 co-founders, Alexander Emeshev and Artem Yamanov, previously worked as executives for Russian bank Tinkoff Bank. Brilliant does not try to transform the wheel and is constructing its item on top of reputable players. It depends on solarisBank for the banking facilities, a German business with a banking license that provides banking services as APIs to other fintech business. As for debit cards, Vivid is dealing with Visa. If you reside in Germany and want to register to Vivid, you can expect a lot of functions that you can discover in other opposition banks, such as N26, but with a few additional functions. Brilliant users get a bank account and a debit card. They can then handle their money from the mobile app. The physical Vivid card doesn’t include any recognizable details– there’s no card number, expiry date or CVV. Similar to Apple’s charge card in the U.S., you have to check the mobile app to see those details.
Whenever you buy, you get a notification. You can lock and open your card from the app. The card works in Google Pay but not yet in Apple Pay. In order to generate income management much easier, Brilliant lets you create pockets. Those are sub-accounts provided in a grid view, like on Lydia or N26 Spaces. You can move money between pockets by swiping your finger from one pocket to another.
Each pocket has its own IBAN. You can associate your card with any pocket. Quickly, you’ll also be able to share a pocket with another Brilliant user. Like on Revolut, you can exchange cash to another currency. The business includes a little markup fee Does not share more details. As for the cashback feature, the startup concentrates on a handful of partnerships. You can make 5%on purchases at REWE, Lieferando , BoFrost, Eismann, HelloFresh and Too Good To Go, and 10
%on online memberships, such as Netflix, Prime Video, Disney +and Nintendo Switch Online. While it’s generous, you’re restricted to EUR20 optimum in cash back each month. Interestingly, Vibrant likewise wishes to restore Foursquare-style mayorship. If you frequently go to the exact same bar or café and you spend more than any other Brilliant user over a two-week window, you become the mayor and get 10%
cashback. Vibrant has 2 plans– a free plan and a Vibrant Prime subscription for EUR9.90 each month. Prime users receive a metal card, more money back on everyday purchases and higher withdrawal limitations. The business prepares to introduce
stock and ETF trading in the coming months. Vivid also plans to expand into other European nations this year. Vivid is entering a crowded market, but already offers a solid product if whatever works as
expected. It’s going to be interesting to see how the product develops and if they can bring in a large user base. Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.