Mobile Banking & Payment Startup MOVO® Raises $700K Seed Round

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Bay Area payments startup offering mobile banking and payments solutions to Underserved consumers secures initial funding and plans US product launch.

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We are on a mission to transform mobile devices around the world into a ubiquitous banking system. (Eric Solis, CEO)

MOVO®, a Bay Area payments startup – delivering fully-featured mobile banking and payments services to further financial inclusion for billions of Underserved consumers – has raised an initial $700K to finalize the development of its beta product, scheduled to launch this spring in the US.

“MOVO is on a mission to transform mobile devices around the world into a ubiquitous banking system with the starting goal of turning 68-million Underbanked Americans into banked consumers,” says Eric Solis, CEO. “It starts by squeezing out costs through innovation.”

For MOVO, that means offering a free alternative banking platform with a first-of-its-kind P2P payments app for this neglected market. MOVO accounts are opened and loaded without a bank account right from a mobile device. Stored value is then redeemable in the form of a real-time digital debit card, which can be spent at retail using standard Point-of-Sale equipment or integrated with other alternatives such as NFC-compatible payment options.

MOVO's product innovation leverages existing and emerging payment standards and banking infrastructure, resulting in a significant decrease in costs and latency found in traditional solutions, while increasing consumers’ ability to control, manage and interact with their money in real-time.

Investors in the company, incorporated as MovoCash, Inc., include Eric Solis (co-founder & CEO), Daniel Kjellen (co-founder & CMO), Cox Orange Investment Ltd. as well as several US and Asian angel investors. Notable board advisors include Mark Troughton (an entrepreneur that grew a payment start-up to $500 million in revenue and took it public) and Sammy Hagar (Rock and Roll Hall of Famer, successful entrepreneur and philanthropist to the Underserved).

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Raksha Varma
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