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German fintech sets its sights on Irish market

 

The start-up raised €15m in early November Expand

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The start-up raised €15m in early November

The start-up raised €15m in early November

The start-up raised €15m in early November

Jonathan Keane

Vivid Money, a German challenger bank, is making preparations to launch in Ireland amid increasing competition in the banking app space.

The Berlin-headquartered start-up raised €15m in early November to fund an expansion around Europe.

The company has registered its Irish entity and hired a former Coinbase country manager in Ireland to oversee compliance and risk in Dublin.

"The team is currently exploring options for further expansion plans and the Irish market is definitely interesting for Vivid Money," a company spokesman said.

The company provides a banking app and card for users, much like the other fintech mainstays operating around Europe. It has launched a monthly subscription service for additional features, a model also pursued by others in the industry to ramp up revenue streams.

Vivid is a new player to the scene, having only launched services in its native Germany this year with France coming up as well.

In Ireland it will be entering a busy market where Revolut and N26 have amassed strong customer bases in recent years - with the former surpassing a million Irish users in May.

Starling Bank, another challenger, founded by former AIB executive Anne Boden, is also making preparations to launch in Ireland and is pursuing a banking licence.

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