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Mobile banking company Movenbank seals $2.41m seed funding

13 Aug 2012

Anthemis Group and Raptor Ventures were among firms which helped mobile banking start-up Movenbank to a $2.41m close on its seed funding round.

The pair were joined in the round by Under Armour founder and CEO Kevin Plank and a syndicated group of Singaporean investors.

Movenbank aims to provide a simple mobile banking experience for customers by dealing with banks, mobile providers and credit groups on their behalf.

Anthemis co-founder Udayan Goyal said, “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.”

King said the seed funding would allow the company to build its team and extend the build-out of its CRED system, which provide customers the ability to analyse their day-to-day financial behaviour.

Last year Anthemis made a €1.87m investment in Fidor Bank, which provides social banking and e-wallet services to retail and corporate customers.

The bank aims to allow retail customers to manage multiple currency accounts, peer-to-peer lending and borrowing, and savings products all on one platform.

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