Moven

Moven

wealthtech (retail) | personal finance management | bankingtech
website linkedin address
  • FOUNDING YEAR: 2011
    LOCATION:
    United States
    REGION:
    New York
    Last Update:
    24 Dec, 2019

Description

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:
Viewable by subscribers only
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.

PEOPLE

FOUNDERS:
Alex Sion, Scott Bales, Brett King
Board Members and Advisors:
Chris Douvos, Samy Kamkar, Udayan Goyal, Mircea Mihaescu, Alex Sion, Bett King
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
Route 66 Ventures, Sberbank-owned SBT, Standard Bank and Anthemis, New York Angels
KEY EMPLOYEES:
Brett King(CEO), Bob Savino(CTO), Mircea Mihaescu(COO), Zainab Scwartz(CFO)

TRACTION

VALUATION / MARKET CAP:
$80 MM 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.

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$47.41 Millions
DATE OF LAST FUNDING:
Oct 2015
SEED & PRIOR FUNDING:
$4.41 Millions
SEED CLOSED ON:
Aug 2013
FUNDING SERIES:
SERIES A
$8 Millions Closed: Jul 2014
SERIES B
$12 Million Closed: Oct 2015
SERIES C
$23 Millions Closed: Jan 2018
LISTED:
NO

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Anthemis Foundry
Anthemis Foundry

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