Alternative Finances

Moven Nabs $8M To Expand Globally

Moven wants to make it easier for users to manage their spending with their smartphones by offering app-based money management tools. Investors are taking notice, the company just closed a Series A funding round led by SBT Venture Capital that leaves the startup $8M richer.

Founded in 2011, the company initially raised over $4 million in seed funding from early investors Kevin Plank, Esther Dyson and David Rose.

The app offers users real-time spending alerts and offers feeless Moven accounts, which come with a debit card.  They are backed by CBW Bank—and FDIC insured entity out of Kansas. Users can also link outside bank accounts to the app so they can see the full picture of their spending habits.

As well as Moven accounts, the app also enables users to link external accounts so they can get a fuller view of their spending habits across multiple accounts.

“The round will be used for expanding Moven offshore and we’ll be announcing two major global partnerships in the next few months,” CEO Brett King said to Wired.

Canada and New Zealand will likely be the initial target markets for expansion.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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