Moven lands investment from SBI, ponders bank acquisition
Financial engagement and digital experiences platform Moven Enterprise is going to receive a multi-million dollar investment from Japan’s SBI Group, reports Julie Muhn at Finovate (FinTech Futures‘ sister company).
The investment is part of a joint venture agreement between the two, in which SBI will bring Moven’s technology into Japan under the Moven brand, offering mobile banking tools to domestic and international banks. The agreement also gives SBI one of six seats on Moven’s board of directors.
Moven has already partnered with a number of financial institutions, including TD Bank and Westpac. The agreement with SBI, however, is understood to be Moven’s first foray into Asia/Asia Pacific.
Moven Enterprise takes a Software-as-a-Service (SaaS) approach by allowing banks and financial services companies to white-label its financial management technology. Moven Enterprise offers tools to help banks engage with their existing customers, acquire new customers and drive revenue through their mobile channel.
According to American Banker, Moven’s consumer-facing brand – a challenger banking service that launched in 2011 – is seeking to acquire a bank in the US. The company’s founder, Brett King, said the reasoning behind a bank purchase would be to help Moven scale faster and access more services for its customers.