Vibrant, a Aarhus-based app that turns Android mobile devices into point of sale, has nabbed €4 million in seed funding. With this round, the overall investment raised by the company accounts for €5.5 million. The financing round was led by byFounders (which backed Aumio and Januar) along with participation from Luminar Ventures.
Vibrant will deploy the proceeds of this round to grow its customer base and prioritise extensions into new markets that harbour millions of untapped SMEs. With many small businesses majorly impacted by the pandemic, the award-winning Copenhagen startup is gearing up to expand its customer base in Europe to aid SME recovery.
Vibrant CEO Kasper Krog commented: “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.”
Eric Lagier, Founder and Managing Partner at byFounders, added: “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 explained: “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.”
Merchant payments made easy
Founded in Aarhus, Denmark in 2020 by Kasper Krog, Kåre Sørersen and Anders Kaels Malmos, Vibrant is an award-winning app that transforms Android devices into points of sale. It replaces cash and expensive card terminals and provides a solution that makes merchant-customer transactions easier, more accessible, and more affordable than ever before.
As per reports, 52% of SMEs in Europe do not engage in card payments whatsoever. With cash as its main competitor, 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. As car terminals can take several months to be delivered, Vibrant can be downloaded instantly for use with Android devices.
Currently, the startup’s transactions have increased by 70% month-on-month. With 25 employees, Vibrant was the overall winner of Mastercard Lighthouse’s FINTIV program in 2022 and one of four Nordic and Baltic fintechs supported by Visa.