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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.
PRODUCTS & SERVICES
Mobile-based banking app and debit/credit cards to track spending. currently, Moven is the top neobank on Amazon (AMZN) Web Services.
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.
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.
Moven has claimed that it has a network of over 42,000 ATMs where users can withdraw cash without any fees.
VALUATION / MARKET CAP:
$80 M in 2015
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.
BOARD MEMBERS AND ADVISORS
NUMBER OF EMPLOYEES
DATE OF LAST FUNDING
SEED & PRIOR FUNDING
SEED CLOSED ON
SERIES A · $8 M · Jul 2014
SERIES B · $12 M · Oct 2015
SERIES C · $23 M · Jan 2018
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