31 August 2016
Find out more

Moven gears up for launch

12 February 2013  |  6748 views  |  0 Business metting using tablet with graphs 2

Having ditched the 'bank' from its name, US mobile-centric financial services provider Moven is gearing up for a closed beta launch at the end of February.

Pitching itself as a cardless and branchless alternative to traditional lenders, Moven is not actually a bank, instead working with partners that have charters and FDIC insurance while it provides the front-end. (One wag on Twitter derided the approach as "putting lipstick on a pig").

It opened up an 'alpha site' to trialists in late 2011 and, having secured in the region of 10,000 sign-ups, $2.4 million in seed funding, and various technology partnerships, is now gearing up for its beta release.

Customers will receive a contactless MasterCard sticker which they can attach to their phone and link to the Moven app for real-world payments. Users will also be able to pay friends through Facebook, deposit cheques from their handset, and withdraw cash for free from thousands of ATMs across the Star network.

Moven stresses that it is about more than facilitating transactions, promising to harness technology to help customers manage their money better and improve their financial health.

It has developed a proprietary CRED relationship and credibility score, which assesses financial data, social influence, and shopping patterns. Customers also get a spending assistant, with instant updates on purchases.

The firm is following a similar path to Simple, which also dropped the bank from its name before launching last year - although Josh Reich's project had considerably more investment and a massive 125,000 people on its waiting list.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Card rules may force mobile Movenbank to offer plastic

Card rules may force mobile Movenbank to offer plastic

14 December 2012  |  10245 views  |  2 comments | 12 tweets | 12 linkedin
BillGuard, Plastyc and Simple agree to share customer data with CFPB

BillGuard, Plastyc and Simple agree to share customer data with CFPB

15 November 2012  |  5146 views  |  0 comments | 3 tweets | 1 linkedin
Movenbank brings in tech partners

Movenbank brings in tech partners

13 September 2012  |  6852 views  |  1 comments | 1 tweets | 1 linkedin
Simple opens doors as CTO Payne moves on

Simple opens doors as CTO Payne moves on

26 July 2012  |  6558 views  |  0 comments
Simple launches iPhone app

Simple launches iPhone app

09 May 2012  |  7281 views  |  0 comments
Movenbank bids to allay Facebook login concerns

Movenbank bids to allay Facebook login concerns

29 November 2011  |  11661 views  |  3 comments
Movenbank names Bales chief mobile officer

Movenbank names Bales chief mobile officer

15 November 2011  |  7299 views  |  1 comments
BankSimple rebrands; opens doors to first customers

BankSimple rebrands; opens doors to first customers

08 November 2011  |  6913 views  |  0 comments
Movenbank promises to 'reboot' banking at Sibos

Movenbank promises to 'reboot' banking at Sibos

19 September 2011  |  14420 views  |  3 comments
Banksimple plans late-2010 launch

Banksimple plans late-2010 launch

23 March 2010  |  7648 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.smartstream-stp.comVisit capgemini.comFind out more

Top topics

Most viewed Most shared
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
9447 views comments | 23 tweets | 26 linkedin
Cultural change crucial in digital transformationCultural change crucial in digital transfo...
6951 views comments | 11 tweets | 10 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6812 views comments | 15 tweets | 14 linkedin
Mondo becomes MonzoMondo becomes Monzo
6490 views comments | 14 tweets | 9 linkedin
hands typing furiouslyBlockchain: Some Remarkable Announcements!
6249 views 0 | 5 tweets | 14 linkedin

Featured job

Find your next job