Moven announces to shut down its operations

Monday 30 March 2020 13:59 CET | News

Moven, an US-based digital bank, has announced it is shutting down its operations, informing its clients that their bank accounts will be closed by April 30, 2020.

The company is now engaged with expanding its enterprise software business, called Moven Enterprise, wanting to expand its client base. Existing customers include charter clients, TD Bank and Westpac.

Besides, according to Crowdfund Insider, plans to spin-off Moven’s consumer-facing business faced difficulties with a multi-year funding withdrawn as a result of market conditions.

Moven recently entered an agreement with the STC Pay, a Saudi Arabian fintech firm, so it will begin providing its mobile banking, budgeting and wealth management software to banks in the US.

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Keywords: digital bank, Moven, coronavirus, software, Moven Enterprise, TD Bank, Westpac, STC Pay, US
Categories: Banking & Fintech | Online Payments
Countries: United States
This article is part of category

Banking & Fintech