Transforming Android devices into points of sale, Danish app Vibrant has raised €4 million funding. The round was led by byFounders, with participation from Luminar Ventures. The startup has raised €5.5 million to date.
The startup will use the funding to grow its customer base and prioritise extensions into new markets that harbour millions of untapped SMEs.
According to Visa, 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. Whilst card terminals can take several months to be delivered, Vibrant can be downloaded instantly for use with Android devices.
Vibrant CEO Kasper Krog said: “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: “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.”