20 October 2017
visit www.avoka.com

Moven launches UK money monitoring app

07 February 2017  |  8599 views  |  0 london big ben

US-based neobank Moven is setting its sights on Europe, launching a money tracking app in the UK.

Brits can download the free iOS and Android app, link it to their bank accounts, and let it monitor and track their spending habits, giving them a picture of how much and where they have spent that month.

The app, developed in just four weeks, marks the latest evolution for Moven, which initially pitched itself in its home market of the US as one of a host of mobile-based alternatives to traditional banks.

But these upstarts have found the market tough to crack, as evidenced by news last week that BBVA Compass has taken writedowns of nearly $90 million on the $117 million it paid for neobank poster boy Simple.

In 2014 Moven looked to expand outside of America by embracing the traditional banks it had once railed against, striking licensing deals with Canada's TD Bank and WestPac in New Zealand, giving them access to money tracking services similar to the new UK app.

Now, in another new strategy, it is launching its own branded app in the UK, once again pushing its outsider status. Insisting that millennials are scarred by the 2008 financial crisis and avoid banks, Moven is promising to act as an intermediary, helping to "rebuild" relationships.

Brett King, CEO and founder, Moven, says: "Going by our quick release of the UK platform, we can't wait to start working with other bank partners in the UK and across the rest of Europe. That way, we can further our aim of helping millions of people across the world monitor their spending and get saving."

Quizzed about UK banking interest in the app, Taylor Woolsey, business development manager at Moven says: "We're having many discussions in the region but are not in a position to make a specific public statement in this regard."

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

Moven teams up with loan refinancers CommonBond and Payoff

Moven teams up with loan refinancers CommonBond and Payoff

28 January 2016  |  6347 views  |  0 comments | 12 tweets | 6 linkedin
Moven scores $12 million funding round

Moven scores $12 million funding round

13 October 2015  |  9188 views  |  0 comments | 27 tweets | 11 linkedin
Moven and Accenture team up to sell digital tools to banks

Moven and Accenture team up to sell digital tools to banks

13 May 2015  |  19920 views  |  22 comments | 53 tweets | 29 linkedin
Moven ports 'financial fitness' app to smartwatch

Moven ports 'financial fitness' app to smartwatch

05 January 2015  |  10665 views  |  5 comments | 13 tweets | 12 linkedin
Moven wins app licensing deal with TD Bank

Moven wins app licensing deal with TD Bank

01 December 2014  |  8058 views  |  0 comments | 13 tweets | 9 linkedin
Westpac NZ licenses Moven money management tech

Westpac NZ licenses Moven money management tech

26 August 2014  |  9532 views  |  3 comments | 11 tweets | 11 linkedin
Moven raises $8m ahead of international push

Moven raises $8m ahead of international push

01 July 2014  |  9773 views  |  0 comments | 14 tweets | 12 linkedin
Card rules may force mobile Movenbank to offer plastic

Card rules may force mobile Movenbank to offer plastic

14 December 2012  |  11131 views  |  2 comments | 12 tweets | 12 linkedin
Movenbank promises to 'reboot' banking at Sibos

Movenbank promises to 'reboot' banking at Sibos

19 September 2011  |  15518 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.capgemini.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
16028 views comments | 12 tweets | 4 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8259 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
7620 views comments | 20 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7253 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6563 views comments | 10 tweets | 21 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job