Movencorp Secures Investment
NEW YORK, NY, Moven (Movencorp Inc) and Life.SREDA today announced the formation of a strategic partnership and investment.
Moven (Movencorp Inc) and Life.SREDA (Venture Fund) today announced the formation of a strategic partnership and investment by Life.SREDA in Moven's ongoing early stage development with the service currently in beta in the U.S.
Life.SREDA is a venture capital fund focusing on investments in financial technology-based mobile and Internet projects, but focused on unique ideas, strong founding teams, and a strong monetization model. Life.SREDA's investment in Moven is amongst the very first investments the fund has made in North America, and Moven was chosen for its unique approach to the next-generation bank account.
Vladislav Solodkiy, CEO and Founding Partner of Life.SREDA said of the fund's investment in Moven:
'Moven has approached the problem of the next-generation bank account in a truly unique way, creating a day-to-day tool to help users save money, rather than simply spend it like the typical debit cards you get from a mainstream bank today. Their focus on instant spending feedback and gamification of financial health is something that couldn't readily be done with a traditional checking or current account, and this attracted us to their approach and product design. We're pleased to extend our portfolio into the North American market with this strategic investment.'
Moven raised their initial seed round in August of 2012 and launched their beta product into the market in April of 2013. Brett King, the Founder and CEO of Moven said of the investment by Life.SREDA:
'We're delighted that the team at Life.SREDA has made a strategic investment in Moven as we work hard to improve our product with valuable feedback we're receiving from our beta program participants. The Life.SREDA team's extensive due diligence, on-site technology review, and product research is a testament to the fact that our small team has been able to produce a world-class mobile solution to the problem of the next-generation bank account.'
Moven wants to solve the problem of day-to-day banking with a simple app and instant feedback designed to give consumers more control and help them spend, save, and live smarter.
Moven (formerly Movenbank) is the first fully digital, mobile-direct banking service that customer's choose to live better with their money. Moven was founded in 2010 and launched in alpha in 2011 to a widespread display of positive media attention and industry recognition across the globe. In August 2012, Moven announced $2.41M in seed round funding, led by leading Fintech investors, Anthemis Group, and Raptor Ventures.
Moven is motivated to bring financial wellness to our customers. We provide you with real time insights on your spending behaviors and finances at the point-of-sale, helping you spend, save, and live smarter. For more information, visit moven.com.
Life.SREDA is a venture capital fund focusing on investments in financial mobile and Internet projects around the globe. The fund offers a possibility of product promotion in the growing Russian and East European markets considering the opportunities provided by LIFE Financial Group that has 8 commercial banks and more than 700 branches with highly proficient consultants providing services to around 3 million private-individuals and hundred thousand SMEs.
The current portfolio consists of several startups including Instabank, Life.Pay, LifePAD and MyApps. The fund has strategic partnership relations with Anthemis Group. For more information, visit lifesreda.com.
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