Vivid Money announced raising €15 million from investors led by Ribbit Capital.

Vivid Money, a Berlin, Germany-based startup building a neobank, announced that it secured funding totalling €15 million ($17.6M).

The money was raised from investors led by US-based Ribbit Capital in a deal that puts a value on the company of €100 million.

Vivid Money, founded in 2020 as a spinoff from the Russia-based Tinkoff Bank by Artem Yamanov and Alexander Emeshev, works on launching a mobile app that will provide banking services for consumers. The product, which initially targets the German market, is being developed based on a partnership with Solarisbank and VISA.

Users can sign up for a mobile account using their smart phone in just a few minutes and are given a free visa metal debit card for non digital payments. Solarisbank will provide a fully licensed “Banking-as-a-service” platform and VISA will serve as exclusive payment technology partner.

According to the founders, Vivid Money, which is owned by Incantus Holding Limited from Cyprus, has raised capital totalling €40M and employed some 140 people since starting in March 2020.

The product development mainly takes place in Moscow, Russia, where the company has a 100 people office.