This NYC Startup Brings in $12M For Giving You Top Notch Financial Advice



Unfortunately, money has the power to greatly affect our wellbeing. Whether it draws you to want more of it, or whether you are anxious about how much you have, there should be a way to alleviate this pain. Moven, the banking coach, understands this issue and is looking to help you out. With their simple banking advice, enjoyable insights and happy demeanor, they will work with you for positive results for all of your banking needs

Coming off of their recent funding round, Alex Sion walks AlleyWatch through the company that plans to make us financially healthy.

Who were your investors and how much did you raise? 

We just closed a $12M Series B Funding round led by Route 66 Ventures with additional support from Anthemis Group, Moneytime Ventures, Atlas Asset Management, NY Angels and Jim Palotta of Raptor Group.

Tell us about your product or service.

Moven is the first global, mobile banking platform that provides real-time behavioral feedback to consumers so they can spend and save smarter.

Alex - 110517_Movenbank_002

Alex Sion

What inspired you to start the company?

We first established Moven in 2011, when I was leading the financial services department at Sapient and our CEO, Brett King was on the road speaking about his book, Banking 2.0. We both saw there was an unmet customer need for banking services that are on the customer’s side. Our goal was, and still is, to start a movement to offer a universal digital tool to inspire people to make smart financial decisions and reach their personal goals.

How is it different?

Most budgeting apps focus on negative reinforcement or scolding consumers when they over-spend; those are apps users tend to check maybe once or twice a month. Moven is built on the premise that mindful spending and real-time insight into your spending habits creates a significantly more positive every day money experience. With this approach, Moven can empower people to change their spending behaviour for the better and improve their financial wellness over time.

What market you are targeting and how big is it?

Banking and technology are continuing to converge and it’s only a matter of time before consumers are able to carry around their banks right in their pockets. Younger, technology savvy customers around the world are our primarily market, being that they’re currently being underserved by their current financial institutions, that can’t keep up with the mobile-first new world we are living in.

What’s your business model?

Moven operates within two distinct business models. In the United States, Moven markets a unique debit card and app product directly to consumers.  With the Moven debit card and app, consumers can manage everyday money in a completely mobile way and receive insight that will help them make smarter spending decisions and save.

On the Enterprise side, Moven works with leading global banks to deliver its unique banking experience to consumers around the world.  We currently have agreements in place with TD Bank Canada, Westpac New Zealand and a host of other banks, and will be live in three countries this year.

What are the biggest challenges that you faced while raising capital?

Managing the growth of the business while at the same time spending a significant amount of time and energy to find the right investor/partners.

What factors about your business led your investors to write the check?

Big changes are happening in banking globally. That’s clear now.  Moven is at the center of that conversation and is already recognized for being at the forefront of that change.  The market wants what we have and so we are growing rapidly and have an enormous pipeline of further growth clearly in front of us.

What are the milestones you plan to achieve in the next six months?

With this latest round of funding, Moven will continue to bring its approach to financial wellness and managing money on the move to existing consumers and markets, with additional locations in the pipeline. It will also aggressively expand its consumer banking experience to include savings and credit.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Keep passionately pursuing your idea and proving that idea.  The best way to attract capital is to simply perform.

Where is your favorite place to enjoy the fall weather in the area?

Prospect Park.




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