Movenbank Raises $2.4M in Seed Funding
The much-talked-about mobile financial services start-up Movenbank has finished its initial round of fundraising.
The $2.4 million seed investment round was funded by the company's founders, along with Anthemis Group in London; Raptor Ventures in Boston; Kevin Plank, the founder and chief executive of Under Armour; and a syndicate of Singaporean investors.
"Our investors believe, as we do, that mobile banking and payments have the opportunity to fundamentally change the everyday retail banking model," Brett King, Movenbank's chief executive and one of Bank Technology News' 11 Innovators of the Year for 2012, says in a press release.
Movenbank will use the money to make hires and to develop CRED, a "credibility score" that combines traditional credit data with social media information to determine a customer's creditworthiness and "financial wellness."
Movenbank has also unveiled a promotional video parodying the traditional bank as a man-eating alien. The company has yet to launch its mobile bank. King, a fixture on the conference circuit, attacks the business model of traditional retail banks in his 2010 book "Bank 2.0."