Brett King, CEO and Founder of Movenbank, today announced that the mobile-direct financial start-up has completed its initial raising of US$2.41m seed round funding.
Movenbank to date has been self-funded by its founders and they are now joined by the Londonbased Anthemis Group, Boston-based Raptor Ventures, Kevin Plank, Founder and CEO of Under Armour and a syndicated group of Singaporean investors in the seed investment round.
Commenting upon the funding Brett King said, "Our investors believe, as we do, that mobile banking and payments have the opportunity to fundamentally change the everyday retail banking model. Not only making the day-to-day banking experience more cost effective and convenient for consumers but also providing them with increased transparency and access to real-time feedback that will help consumers spend, save and live smarter."
Udayan Goyal, Co-Founder of Anthemis Group commented, "We are hugely excited by our investment in Movenbank. We believe that Brett and his team are at the cutting edge of Finance 2.0 and embody the ethos and philosophy of Anthemis Group to develop user-centric financial services companies for the new millennium. In a world where retail banking is broken, we believe that Movenbank, through innovations such as the CRED ecosystem and their pioneering work in smartphone based payments will fundamentally change the way banking is done. We welcome Movenbank to the Anthemis network and look forward to a long and mutually beneficial partnership."
Brett said, "The seed round funding will allow Movenbank to further invest in strengthening our already highly motivated team, and in the build-out of CRED - a proprietary financial credibility score using a combination of financial wellness, social media metrics, transactional insight, and feedback loops to provide customers with the ability to understand their day-to-day financial behavior. Already more than 5,000 customers have had their first glimpse of CRED and we've launched a site specifically detailing the advantages that CRED offers our customers. The recent site launch includes a fantastic video animation, developed by Hugh McLeod of @gapingvoid fame, that introduces CRED and Movenbank's philosophy of transparency, great service, straight-forward advice and feedback. Our objective is not just simpler, better banking services, but giving consumers real control over their financial destiny."