Moven Closes $12M in Series B
NEW YORK, NY, Mobile banking platform announced the closing of a $12M Series B Funding round led by Route 66 Ventures.
Moven, the first global, mobile banking platform that provides real-time behavioral feedback to consumers so they can spend and save smarter, today announced the closing of a $12M Series B Funding round led by Route 66 Ventures with additional support from Anthemis Group, Moneytime Ventures, Atlas Asset Management, NY Angels and Jim Palotta of Raptor Group. The new financing will be used for international expansion, advancement of its innovative consumer banking experience including new spending and credit products and expanding its technical team in the U.S.
Moven also announced it has added two senior executives to the company's management team. Greg Midtbo joined as the managing director, enterprise, who will oversee all global B2B operations. Bringing more than 30 years of financial services experience to Moven. Midtbo was previously at Oracle Corporation as the global industry vice president. Vincent Bahk joined as the chief customer officer, who will be responsible for the end-to-end customer experience across all aspects of marketing and product. With more than 15 years experience in financial services, payments and digital marketing, Bahk was previously at Digitas as senior vice president, marketing.
Brett King, the co-founder and CEO of Moven said, 'The fintech industry is booming right now, and with this latest round of funding Moven will be able to cement our place in the industry as a primary disruptor. This new raise will allow Moven to focus on our plans for growth in key international markets and deploying the Moven experience to customers in the US and around the world that are demanding a better day-to-day banking experience.'
Pascal Bouvier, the General Partner at Route 66 Ventures, the lead investor in the round said, 'The thing that interests us about Moven most of all is that the best banks in the world are taking their lead from Moven's experience, and many of those have already signed up with Moven to launch in their local markets. Their team has a unique approach to day-to-day banking that is keeping it well ahead of the competition. Moven has the potential to redefine this space more than any other player.'
Founded in 2011, Moven was designed to meet consumers' growing demand for easy-to-use tools that gave them insight into their spending habits and behaviors. With this latest round of funding, Moven will continue to bring its approach to financial wellness and managing money on the move to existing consumers and markets, with additional locations in the pipeline. It will also aggressively expand its consumer banking experience to include savings and credit.
'We recognized long ago that the plastic card is a dumb artifact that gives no feedback at the moment of the payment - any bank that still focuses on plastic or gets you to sign a paper application form is missing the point entirely of digital. Our mission continues to be helping people build better money habits through a gamified experience that works alongside their every day spending activity, not against it,' added King.
Moven currently has partnerships in place with TD Bank Canada, Westpac New Zealand and a host of other banks, and will be live in three countries this year.
Moven is the world's first downloadable, mobile bank account complete with instant feedback and advice that help customers make smarter decisions and save more. Moven customers receive a debit MasterCard or can use their phone to make day-to-day payments tied to an FDIC-insured account with no monthly fees. Moven's innovative financial wellness app, savings tools and debit card are available for iPhone and Android users. Moven is currently available to customers in USA, New Zealand with pending releases in Canada, Australia, UAE, and across the EU.
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