Moven is Looking to Buy a Bank

Budgeting app Moven is planning to buy a small bank so they can become a more direct competitor in the banking space; the company’s new partner, SBI Holdings, is investing in Moven to create two entities MovenBank and Moven Enterprise; “We’ll do a digital direct challenger bank without having to run branches,” Moven CEO Brett King said to TearSheet. “That was really the thing we were waiting to see if we could solve because we’re just not interested in doing branch banking.”; the company will look continue allowing banks to leverage their technology with Moven Enterprise then use MovenBank to be a true digital bank alternative. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.