Growing the business and expanding offshore are now possible thanks to the $8 million (£4.7 million) in funding just raised by Moven.
Leading the series A round was SBT Venture Capital. Among those also participating were:
- Anthemis Group
- New York Angels
- Route 66 Ventures
- Standard Bank
Additional unnamed angel investors were also involved in the round. This latest investment takes Moven’s total capital to more than $12 million.
Moven founder and CEO Brett King broke the news at the Wired Money conference on Tuesday. And as reported in Wired UK, Moven will also be announcing two major partnerships, one in Canada and one in New Zealand, that Brett believes will help take the company closer to its 10 million app download goal.
Moven helps consumers better control their spending and manage their finances without traditional budgeting. What is compelling is the way Moven tracks not just whether spending is above or below trend, but also where the extra spending is coming from. This gives users a great deal of insight, as well as a lot of control over spending and saving. Moven’s technology includes a mobile app, a debit card, and a contactless sticker.
Moven emerged from beta this spring after receiving more than 100,000 invite requests from eager, would-be early adopters. Shortly afterward, the company announced that it had partnered with fellow Finovate alum, MoneyDesktop, to make it easier for Moven users to aggregate their outside accounts.
Moven was founded in March 2011, and is headquartered in New York City.
Winner of a Best of Show award for their demo at FinovateEurope 2013, Moven was last on the Finovate stage for FinovateSpring 2013 in San Francisco. See a demo of the company in action here.