Moven, Aims to Create an Entirely New Banking Ecosystem

Moven, previously known as Movenbank, is a FinTech start-up which aims to create a new banking ecosystem. It is the world’s first, so called exclusively online bank, which tries to combine social, mobile and gamification technology to provide a unique customer experience. Along with the debit account, you can also get Moven MasterCard® debit card and mobile payment sticker. The Moven card is issued by CBW Bank, member FDIC, pursuant to a license from MasterCard International.

Moven was founded in April 2011 by Brett King (CEO). The management team includes Richard Nearn (CFO) and Alex Sion (President) and Mohammed Khalil. The company has received a total funding of $4.41 Mn through investors Anthemis Group, Raptor Ventures and Life.SREDA.

This is a video that shows you what Moven is all about:

To help customers achieve their financial goals, Moven classifies the various spending items into three categories: spend, live and save.

  • Spend: contains all the day to day expenses incurred by a user, which includes eating out expenses, shopping, movie tickets.
  • Live: as the name suggests, includes the expenses required for living, like house rent, medical expenses, groceries.
  • Save: contains the money that has been set aside by the user in his/her savings account.

Moven offers two features, Moneypulse and Moneypath through which a user can instantly understand his/her current financial status.

Moneypulse is a dashboard which shows the total expenses made by a user on a given day compared to that incurred by the user on a typical day. If the expenses are lower, the ticker points to green, implying that the user can safely spend. Yellow implies that the user has spent slightly more than his/her typical expenses. Red denotes that the user has overshot his/her expenses by a significant margin. By observing this dashboard, a user immediately knows his/her current financial status, using which he/she can make better decisions.

Moven provides another feature called Moneypath. Moneypath shows a user’s monthly transaction and compares it with that of a typical month. Users can also integrate their Facebook social timeline with this feature, allowing them to understand how their expenses are related to their social life. For example, users can understand how their expenses moved on a friend’s birthday. It also informs a user about the total monthly expenses made at a particular location. Thus, a user can accurately determine the money he/she has spent at Starbucks, or any other restaurant throughout the month.

Moven has seamlessly integrated these features into its app, so that after each transaction, a customer gets to know his/her current financial status. It believes that this real time feedback will encourage financial responsibility among its users.

  • Moven also provides a score to each user, called Credscore, which tells them how financially fit they are on any given day based on their financial situation, as well as social influence.
  • The Credscore holds huge potential for the company, since Moven can extend its services using this score.
  • More specifically, Moven can design its services in such a way that higher the user’s Credscore, lower will be the rates charged.
  • Also, through Credscore, Moven has integrated the banking experience with social experience.

Some of the other companies operating in this space include Mint and Simple. Mint enables users to see all their transactions and balances together, on the web or their smartphone. Mint automatically pulls all their financial information into one place, so they can finally get the entire picture. Exactly two years after launch, Mint was acquired by Intuit, makers of Quicken, QuickBooks and TurboTax. The acquisition brought Mint's unique personal financial management approach to millions of additional consumers and small businesses, as well as the 1,800 banks and credit unions serviced by Intuit.