Movenbank Announces Completion of US$2.41m Seed Round Funding

Movenbank Previews CRED ‘credibility’ score at www.whatiscred.com

 NEW YORK, USA (10th August 2012) – Brett King, CEO and Founder of Movenbank, and American Banker’s Bank Technology News “Financial Innovator of the Year 2012”, 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 London-based 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.”

The CRED video animation and details on CRED can be viewed at www.whatiscred.com.

About Movenbank

Movenbank is not your typical bank. Movenbank is working with banking and payments partners, mobile operators, consumer credit groups, social media partners, merchants and many others to help consumers live smarter financial lives. Based in New York City, Movenbank is set to revolutionize the day-to-day financial experience of consumers with its forthcoming launch of the USA’s first mobile-direct retail banking proposition.

For further information, contact:

Geoffrey Bye (Global Enquiries)               Charyn Goldenberg (US Enquiries)
geoff@movenbank.com                                        charyn@movenbank.com
www.movenbank.com                                          Phone: (212) 947-6915

Comments

  1. Congratulations to Brett and his team, hats off to Movenbank and its founders, Anthemis Group, Raptor Ventures and Kevin Plank and Singaporean investors to support such an intiative. It’s all going in the right direction.

  2. Rick Whaite says:

    Brett, great to see things are progressing for Movenbank. Congratulations!

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