Moven

wealthtech-retailpersonal finance managementbankingtech

FOUNDING YEAR: 2011
LOCATION: United States
Last Update: 17/07/2020

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About

Moven was formerly known as MovenBank Corp. Ltd. is a mobile-based banking service platform. It provides a real-time mobile money tool that lets users to spend money on their mobile device and provides instant feedback on transactions and spending patterns. It also allows users to deposit money in their Moven Account and make payments and withdrawals by using their debit/credit cards.

Focus

PRODUCTS & SERVICES

Mobile-based banking app and debit/credit cards to track spending. currently, Moven is the top neobank on Amazon (AMZN) Web Services.

REVENUE MODEL

The company does not charge fees to open an account, deposit or transfer funds, or make a payment. There are fees in special circumstances such as for expedited shipping it charges $30, for closing an account it charges $10.

MAIN CLIENTS

Retail Consumers

EXISTING PARTNERSHIPS

The company has partnered with TD Bank

CBW Bank to provide digital banking services. Other partners are Payoff and CommonBond to deliver digital financial innovation.

COMMENT

Moven has claimed that it has a network of over 42,000 ATMs where users can withdraw cash without any fees.

Traction

VALUATION / MARKET CAP:

$80 M in 2015

ACTIVE USERS:

550,000

OTHER INFO:

Moven is in the process of building other bank partnerships; the New Zealand-based bank Westpac has incorporated Moven's money management tools into its mobile banking app, for instance. And Midtbo said Moven is looking beyond banks and in discussions with telecommunications companies and retailers in markets where those industries can offer banking services.

People

FOUNDERS

Brett King

Brett King

BOARD MEMBERS AND ADVISORS

Chris Douvos

Samy Kamkar

Udayan Goyal

Mircea Mihaescu

Alex Sion

Bett King

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Anthemis Group

New York Angels

Route 66 Ventures

Sberbank-owned SBT

SBI Group

Standard Bank and Anthemis

TD Bank

Westpac

KEY EMPLOYEES:

Brett King(CEO)

Bob Savino(CTO)

Mircea Mihaescu(COO)

Zainab Scwartz(CFO)

Alex Sion

Momentum

FUNDED

YES

TOTAL FUNDING

$45 M

DATE OF LAST FUNDING

Jan 2018

SEED & PRIOR FUNDING

$2 M

SEED CLOSED ON

Aug 2013

FUNDING SERIES

SERIES A  · $8 M  · Jul 2014

SERIES B  · $12 M  · Oct 2015

SERIES C  · $23 M  · Jan 2018

LISTED

NO

Innovation Programs

BASICS

FOUNDING YEAR:

2011

LOCATION:

United States

Views:

1604 VISITORS | 2636 VIEWS
LATEST FUNDING ROUND

$45 M

TOTAL EMPLOYEES
11-50

About

Moven was formerly known as MovenBank Corp. Ltd. is a mobile-based banking service platform. It provides a real-time mobile money tool that lets users to spend money on their mobile device and provides instant feedback on transactions and spending patterns. It also allows users to deposit money in their Moven Account and make payments and withdrawals by using their debit/credit cards.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

Focus+
Momentum+
Traction+
People+
Other+

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