Moven

Moven, which used to be a digital bank, pivoted to offering white-label infrastructure for financial institutions to improve their banking and financial wellness services by aggregating and analyzing data from third party data sources to develop spending and saving insights on users, through which it allows FIs to offer more personalized financial wellness and banking solutions. Accordingly, Moven helps FIs generate new revenue (from mobile channels), reduce attrition, deepen customer engagement, improve financial wellness, and attract new customers. As of May 2021, the company claimed to be the only holder of a US patent for financial wellness (awarded in 2019).

Moven’s FI customers include TD Bank, Westpac, and Banco Atlantida. Notably, it expanded to Japan through a JV formed with the Japanese SBI Group in 2018 as a part of the multi-million dollar investment received from SBI. Through the JV, SBI brought Moven’s technology to domestic and international banks in Japan. Moven also partnered with Q2 (banking and lending FinTech infrastructure provider) in May 2021 to develop a ‘Bank-in-a-Box’ solution for FIs to deploy in 30 days. The solution combines Q2’s core processing system for banking-as-a-service (BaaS) and Moven’s financial wellness tech, to enable credit unions, and community and regional banks to compete with digital banks. 

Moven also offers support for financial institutions to roll out their digital banking products especially due to the Covid-19 led surge in digital banking use. For instance, in May 2021, it partnered with LemonadeLXP (a platform to deliver digital fluency amongst frontline staff and customers) to help financial institutions’ support staff and customers migrate to digital banking. 

Moven’s CFO Rich Radice transitioned to the role of CEO in May 2021 and will mainly be tasked with enhancing value for existing customer relationships, focusing on modern modes of enterprise software delivery, and increasing the speed of business growth.