Movenbank announced today it has dropped the word "bank" from its name.
Now called Moven, the financial services startup that has yet to launch shared some reasons why in a blog post. The company writes:
"What's in a name? We know that our original name, Movenbank, did not fully capture our revolutionary vision for the future of banking. In fact, it may have even confused. It forced our customers to reference what banking is instead of what it will and should be. And so, as with every choice we make, we responded to the needs of our most important asset — you."
The blog post gave ink to how Americans have lost trust in some financial institutions, suggesting that a rose by another name may smell sweeter.
Moven isn't the first fintech company to call it quits with a bank-related name. Simple (formerly BankSimple) cut the "bank" out of its name more than a year ago.