In a major boost to Europe’s SMEs and small vendors, fintech startup Vibrant has just picked up €4 million for its app that turns Android mobiles into points of sale, making payments simpler and more accessible.
The payments sector is heating up and thanks to tech development, the way we pay for goods and services has changed at an incredible pace. While just a few years ago, most of us had cash with us, as well as our bank cards, now, many people use just their phone or even their watch. Tech innovations are making payment processes easier for consumers, but, some SMEs and small vendors are getting left behind. This is what Vibrant want to help solve.
The Danish startup has developed an app that converts Android mobile phones into points of sale. The team has just picked up €4 million in seed funding led by byFounders, with Luminar Ventures participating.
Founded in 2020 in Aarhus by Kasper Krog (CEO), Kåre Sørersen (CPO), Anders Kaels Malmos (CTO), the fintech innovators’ goal is to make monetary merchant-customer transactions easier and more accessible than ever before. According to the company, about half of SMEs in Europe don’t yet engage in card payments whatsoever – despite it being the expected way to pay among customers.
Vibrant CEO Kasper Krog explained: “Digital payments now dwarf cash as the default type of transaction. This immense growth of contactless payments was accelerated by the Covid-19 pandemic, which affected many small businesses terribly. As these companies find their feet again, we want to empower them with the digital tools they need. We believe in liberating merchants from the legacy of cash and expensive card machines. Mobile devices can act as pocket terminals for any small trader, which is the next chapter in the future of the cashless society.”
Vibrant provides digital tools that enable businesses to pivot away from card terminals, coins, and notes, ensuring that small business vendors are equipped to inexpensively and simply enact sales. Whilst card terminals can take several months to be delivered, Vibrant can be downloaded instantly for use with Android devices.
The startup has already built a multi-national team of 25 to scale its product – and it’s growing fast. With transactions currently increasing a reported 70% month-on-month, this new investment will be used to further grow the customer base as well as enter into new markets.
Eric Lagier, Founder and Managing Partner at byFounders, said: “We are delighted to contribute further to the impressive growth of Vibrant. The process of customer-business transactions is becoming more and more streamlined and Vibrant’s easy-to-use, tap-to-phone app and simple pricing ensure that businesses can concentrate on providing top-quality goods and services. They are empowering the next generation of merchants.”
Daniel Karsberg, Partner at Luminar Ventures added: “We couldn’t be more passionate about Vibrant’s journey and potential, as a company poised to disrupt the market’s established incumbents. The fact that not one Vibrant user has returned to using card terminals speaks for itself.”
