Moven Raises Fresh Funds of $12M

Moven, the pioneer of smartphone banking apps that helps users track their money and increase their savings, has recently raised $12 million in its series B round of funding from a group of venture investors. The new round was led by Route 66 Ventures. Pascal Bouvier, a partner at FinTech venture fund Route66 and a FinTech blogger retweeted:

Moven, a New York-based FinTech startup, is a real-time mobile money tool that lets individuals spend money from their mobile device and provides instant feedback on their transactions and spending patterns. It works as a debit account that tracks the user’s money for them instantly. Thus, it provides them with the information they need to spend, save and live smarter. Moven acts just like a bank account with features like free account, free ATMs, pay friends, transfer money, FDIC-insured and tap-to-pay. It can be used on any Android or iOS mobile device.

The new funding brings the total funding raised by Moven to $25 million. The company plans to use the new funding for its international expansion starting with Canada and New Zealand.

According to Business Insider, Greg Midtbo, formerly of Oracle, and Vincent Bahk, who was at Digitas, are joining Moven as Managing Director for Enterprise and Chief Custom Officer, respectively.

Keeping a budget and managing personal finances can be a time-consuming task and often a struggle for many people. But thanks to personal finance apps, tasks like paying bills, balancing accounts can be as simple as texting someone. Such apps help you break down your spending habits into categories and alert you when your expenditures cross certain thresholds. Dubbed as PFM apps, these effective tools track your data across multiple sources like banks accounts, payment cards, etc. These apps are capable of giving users a snapshot of their financial standing using graphs, charts, and other easy-to-understand formats.

In this fast-moving world, PFM apps have become really important for users to keep a track of their expenses and increase savings. Apart from Moven, there are numerous PFM apps available in the market; Numbrs, MoneyMobile and Personal Capital are some of them.