Moven scores $12 million funding round

Moven scores $12 million funding round

Digital-only neobank Moven has raised $12 million in a Series B financing round led by Route 66 Ventures.

The new funding follows an $8 million round in July last year that was led by Sberbank-owned SBT with support from Route 66, Standard Bank and Anthemis, topping up a $2.4 million seed round in 2012.

News of the latest deal was announced at an Innotribe conference session and confirmed in a tweet sent from the international Sibos conference in Singapore by Moven founder and digital evangelist Brett King.

Moven initially pitched itself as a mobile-based alternative to traditional banks in its home market of the US but has taken a more cooperative approach in other markets, inking licensing deals with TD Bank in Canada and WestPac in New Zealand.

In May, it sealed an alliance with Accenture to develop and sell digital tools to financial services firms around the world. Moven says that the partnership has already yielded a contract win with one unnamed bank.

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