Alex Emeshev (Vivid Money): The financial startup scene is growing rapidly right now. Bucharest provides a corporate environment suitable for technology development

Mihai-Alexandru Cristea 18/01/2022 | 17:58

The financial startup scene is growing rapidly right now in Europe, not only in terms of raised money and the old, very established financial market and its institutions provide a stable foundation for innovative startups that shake up the industry, according to Alex Emeshev, Vivid Money, the Berlin-based financial platform launched recently in Romania. Furthermore, European cities such as London, Paris, and Berlin and in the East such as Tallinn, like Bucharest and Warsaw, provide a corporate environment suitable for innovation and technology development.

 

For the last couple of years, the fintech industry has become of great interest in the Romanian entrepreneurial scene, and recent studies show that the Romanian fintech market grew exponentially in 2021.

Vivid Money aims in 2022 to grow to 30,000 active customers in Romania. Since there is momentum in the investment market, the company plans to offer local customers even more investment opportunities in the future in terms of more stocks to achieve business goals. The European users start with around 200 euros per Investment Pocket when it comes to investing – even though the platform allows investments for both as low as 0.01 euros. Most users make their first experiences with investments in this range and later invest another 600 to 900 euros.

“We want to empower all people to get back control of their financial life by using our tools, and plenty of our users are tech-savvy. They are more of an urban person and 33 years old on average. We tend to appeal to people who have a steady job. It is too early to look into the statistics of the Romanian market, but still, there is no doubt that it will go in the same direction. For the rest of Europe, most people start with around 200 euros when it comes to investing – even though we allow investments for as low as 0.01 euros. Most users make their first experiences with investments in this range and later invest another 600 to 900 euros”, says Alex Emeshev, co-founder of Vivid Money.

According to Alex Emeshev, Romanian users are very open to innovations and willing to switch to new technologies if they bring them more value. Furthermore, the share of young people is also comparable high who are generally more open to new technologies, especially in the fintech sector. In addition, there is currently a lot of momentum in the market. “The awareness of the consumer investment market is higher than we have ever seen. So it is in Romania too. However, as we see it in every European market, many consumers still perceive investments as complicated and risky. That’s one primary reason why we are investing a lot in educating our customers via our Investment Feed with articles by our editorial team and our online workshops Vivid Classes”, added Alex Emeshev.

Vivid entered Romania in November last year. The launch in Romania introduced Vivid’s investment feature, which includes commission-free fractional investments in US and European stocks and assets in fractional precious metals like Gold and Silver.

According to Vivid Money, the financial startup scene is overgrowing in Europe, not only in terms of raised money. The old, very established financial market and its institutions provide a stable foundation for innovative startups that shake up the industry. Furthermore, European cities such as London, Paris, and Berlin and in the East such as Tallinn, like Bucharest and Warsaw, provide a corporate environment suitable for innovation and technology development.

Specifically for Romania, people are generally open to innovations, ready to switch to new technologies if they bring them more value. The share of the young population is also relatively high, which is a target audience for the majority of fintech as we are. The German company saw major success by global companies on the local market (like Revolut or Uber) and companies like UIPath coming from Romania.

 

Why Vivid Money choose Romania before countries like Hungary and Poland

“When we looked at countries for our eastern Europe expansion, Romania caught our attention for several reasons. First of all, it belongs to the key-non-Euro-markets. Furthermore, Romania is a country with high potential in terms of investments, primarily because of the open mindset of Romanians regarding new, innovative products. Last but not least, the high share of English-speaking people was a decisive factor”. Concludes Alex Emeshev.

Since there is momentum in the investment market, Vivid plans to offer local customers even more investment opportunities. The company is looking forward to introducing several new features to make investing for our Romanian customers even easier, more comfortable, and quicker.

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