Moven (Movencorp Inc) and Life.SREDA (Venture Fund) today announced the formation of a strategic partnership and investment by Life.Sreda in Moven's ongoing early stage development with the service currently in beta in the U.S.
Life.SREDA is a venture capital fund focusing on investments in financial technology-based mobile and Internet projects, but focused on unique ideas, strong founding teams, and a strong monetization model. Life.SREDA's investment in Moven is amongst the very first investments the fund has made in North America, and Moven was chosen for its unique approach to the next-generation bank account.
Vladislav Solodkiy, CEO and Founding Partner of Life.SREDA said of the fund's investment in Moven:
"Moven has approached the problem of the next-generation bank account in a truly unique way, creating a day-to-day tool to help users save money, rather than simply spend it like the typical debit cards you get from a mainstream bank today. Their focus on instant spending feedback and gamification of financial health is something that couldn't readily be done with a traditional checking or current account, and this attracted us to their approach and product design. We're pleased to extend our portfolio into the North American market with this strategic investment."
Moven raised their initial seed round in August of 2012 and launched their beta product into the market in April of 2013. Brett King, the Founder and CEO of Moven said of the investment by Life.SREDA:
"We're delighted that the team at Life.SREDA has made a strategic investment in Moven as we work hard to improve our product with valuable feedback we're receiving from our beta program participants. The Life.SREDA team's extensive due diligence, on-site technology review, and product research is a testament to the fact that our small team has been able to produce a world-class mobile solution to the problem of the next-generation bank account."
Moven wants to solve the problem of day-to-day banking with a simple app and instant feedback designed to give consumers more control and help them spend, save, and live smarter.