Moven
wealthtech-retail . personal finance management . bankingtech
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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
Mircea Mihaescu
Chris Douvos
Samy Kamkar
Udayan Goyal
Alex Sion
Bett King
NUMBER OF EMPLOYEES
11-50
INVESTORS:
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
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