27 June 2017
download the report now

Moven launches UK money monitoring app

07 February 2017  |  7693 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  |  6113 views  |  0 comments | 12 tweets | 6 linkedin
Moven scores $12 million funding round

Moven scores $12 million funding round

13 October 2015  |  8853 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  |  19498 views  |  22 comments | 53 tweets | 29 linkedin
Moven ports 'financial fitness' app to smartwatch

Moven ports 'financial fitness' app to smartwatch

05 January 2015  |  10467 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  |  7828 views  |  0 comments | 13 tweets | 9 linkedin
Westpac NZ licenses Moven money management tech

Westpac NZ licenses Moven money management tech

26 August 2014  |  9085 views  |  3 comments | 11 tweets | 11 linkedin
Moven raises $8m ahead of international push

Moven raises $8m ahead of international push

01 July 2014  |  9542 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  |  10972 views  |  2 comments | 12 tweets | 12 linkedin
Movenbank promises to 'reboot' banking at Sibos

Movenbank promises to 'reboot' banking at Sibos

19 September 2011  |  14924 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit www.www.fisglobal.comvisit www.events.sap.com

Top topics

Most viewed Most shared
Live: EBAday 2017, day twoLive: EBAday 2017, day two
10897 views comments | 4 tweets | 5 linkedin
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
8650 views comments | 19 tweets | 33 linkedin
hands typing furiouslyArtificial Intelligence- Computer to IOT
7998 views 0 | 4 tweets | 2 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
7805 views comments | 9 tweets | 6 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job