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#MovenAroundTheGlobe: Santiago


Hola Readers,

I have just concluded a busy day of meetings here in Santiago, Chile. I’m currently enjoying some empanadas as I type my latest insights for you in this edition of #MovenAroundTheGlobe.

Often referred to as “Chilecon Valley,” Chile is quickly becoming an innovation hub for LatAm. It is also one of the stronger and more stable economies in the region. Upon my arrival, I quickly realized that Santiago has a very active FinTech ecosystem with payments and remittances leading the charge. During my meetings at one of the country’s top ranked banks, I understood that Moven provides the missing piece to their puzzle. A perfect fit for their multi-app strategy, we are looking to provide their customers with a PFE, Personal Financial Experience. It seems things are moving quickly for us in Chile, so keep an eye out for more on Chile in the weeks to come.

With another 30,000 km in the books, I just want to take a moment to say thanks for reading my blog as I take Moven around the globe. Be sure to check back soon for my next post from Guayaquil, Ecuador.

Until next time,

Morten Kriek
Moven Enterprise



MovenAroundTheGlobe - Buenos Aires

#MovenAroundTheGlobe: Buenos Aires


Buenas Tardes from Argentina!

Welcome to the latest edition of #MovenAroundTheGlobe. Today, I’m in sunny Buenos Aires where I’ve just finished a full day of meetings and I’m sitting down to have a glass of Malbec. I’m just starting to feel a bit of jet lag realizing that I’ve clocked 16,500 km so far and I’m only just getting started!

In my pre-meeting preparations for this trip, I noted that financial inclusion and alternative financing were top of mind for the banks in the region. Additionally, I managed to get my hands on a report which concluded that “80% of organizations [in Argentina] expect to partner with a fintech in the next 3 years.” With this information in mind, I was very excited about this leg of the trip.

I was able to meet with 3 banks today and during those meetings I quickly understood that Argentina is becoming a hotbed for fintech/bank partnership. Not only that, during my meetings today, I also noted that the opportunities were far greater than anticipated. For example; 50% of Argentinians are considered unbanked. In addition, only 20% of Argentinians have a credit card to make (international) online payments. This resulted in one of the most successful FinTech startups I have come across in recent times where a small firm (16 people), which is a spinoff from one of the country’s leading banks, formed a partnership with PayPal, linking them to all bank accounts in Argentina, creating a new payment eco-system. Within 5 months they were break-even. The next step is to discuss with Moven how we can assist them improving overall financial literacy and create a financial wellness platform for all Argentinians. Our wishlist and savings features are a perfect fit by the looks of it.

If you’re looking for an interesting market where fintech/bank collaboration is a hot topic, Argentina should certainly be on your radar. I’m sad to leave… but excited to share my next post from Santiago, Chile! Stay tuned.


Morten Kriek
Moven Enterprise


#MovenAroundTheGlobe: New York


Hello Readers,

Welcome to the next edition of #MovenAroundTheGlobe. I just walked off the stage here at #FinovateFall2017 in New York and I’m really excited to share my latest update with you all.

With our HQ down in Fulton Center (near Wall Street), it’s always great to return to where it all began for Moven. I was able to swing by our office this morning to say hello to the New York team and take a few meetings with my colleagues. During my commute this morning, I realized what a great time it is to be in the big apple – the weather is great and the business is booming! After a busy morning in the office, I set my sights upon Finovate for even more meetings. It was a long day but I came away with many opportunities and learnings.

The East Coast of the USA is one of the most influential regions for the FinTech industry. New York specifically presents a unique opportunity for young FinTechs due to its proximity to one of the most highly recognized financial centers on the planet. With this in mind, FinovateFall in New York is one of the hallmark events of the year.

Reflecting before our presentation, I realized how well we’ve been doing this year with over 1.3m users in our platform. Our partnership with TD also speaks volumes to me about our growth as a platform, as they have shown a 4-8% reduction in discretionary spend among frequent users of the TD MySpend app. Additionally, those users were 7x less likely to attrit. On top of that, we have seen phenomenal success with the release of our Stash Savings functionality. Without any paid advertising or interest offered, more than 25% of users opened a savings account. Bearing that in mind, my colleague, Ryan, and I were incredibly excited to demo our new ChatUI at Finovate. (If you missed our demo at Finovate, you’re in luck because the video is still up on our periscope channel: Don’t miss our Founder & CEO, Brett King, at the end!)

After we left the stage, we were fully booked with interviews and meetings. It was great to hear from other attendees how Moven is still showing that we are ahead of the curve with the release of our newest functionality. It was also a great to see how the savings product resonated with all of the financial institutions we met at the event.

Lastly, I want to quickly send a shout out and big thank you to my team for helping us make Finovate such a great success. I couldn’t have done it without you!

The next stop on my journey will be Buenos Aires, Argentina! Be on the lookout for my next post, “#MovenAroundTheGlobe: Buenos Aires”, on the blog soon!

Until next time,

Morten Kriek
Moven Enterprise

MovenAroundTheGlobe: Kiev, Ukraine

#MovenAroundTheGlobe: Kiev


Hello Readers,

Welcome to the first edition of #MovenAroundTheGlobe. Today, I’m in Kiev, Ukraine (where I will be starting and finishing this +48,000 km trip). It’s a sunny September day here in the city and I am excited to share some interesting insights with you about the current #FinTechLandscape the city that I now call home.

With a developing fintech scene, it’s really an interesting place to discuss the future of finance. Organizations such as the “FinTech Cluster” are blossoming in hopes of boosting growth in the sector, in an effort to bring the Ukraine further up on the list of global fintech hubs. There are two primary segments that are dominating the scene here: Credit & Lending and Bitcoin. After several meetings in Kiev, I’m noticing a shift from branch focus to digital channel focus. Something that was unthinkable only a few years ago for the established banks. Another encouraging sign is that some of Ukraine’s larger banks are looking at creating an ecosystem of FinTech partners, rather than opt for in-house development. Last but not least, there has been phenomenal support from the National Bank of Ukraine from a legislative perspective to pave the way for Ukraine to leapfrog some of their Western neighbors.

Given my experience in Kiev so far, I’m very excited about the future for Moven in Eastern Europe. Hope you found my insights interesting! The next stop on my journey will be New York City, where I’ll be presenting the latest innovations from our team at #FinovateFall2017. Be on the lookout for my next post, “#MovenAroundTheGlobe: New York”, on the blog soon!

Until next time,

Morten Kriek
Moven Enterprise


#MovenAroundTheGlobe With Morten Kriek


Hello Readers,

I joined the Moven Enterprise team a few months back, as the VP EMEA. Since my arrival, we have grown and flourished as a company and, today, I am pleased to share with you the beginning of a blog series about Moven’s upcoming trip around the globe. I will be travelling over 48,000 kilometers (that’s more than a trip around the planet, which is just 40,008 km), taking 11 flights in just 12 days, in search of partners to continue Moven’s global expansion. At each destination along the route, I will review our learnings and share an update on the latest developments in the FinTech market of that country. The first stop will be Kiev, Ukraine. Be on the lookout for “#MovenAroundTheGlobe: Kiev” on our blog soon!

Until next time,

Morten Kriek
Moven Enterprise

Money 2020 Europe

FinTech Collaboration – Bet your job on it


FIs have complex, expensive and rigid IT environments and processes. They live in a poorly integrated batch world while their customers have moved on to a real time – always-on commerce model that they are challenged to support.  If it were just as easy as appointing a Chief Innovation/Digital/Cool Dude Officer or establishing a Venture arm we wouldn’t still be where we are.  Sadly, hard problems rarely have simple solutions. A recent Citigroup report has predicted a reduction in banking staff of 30% over the next decade. This quantifies the urgent pressures financial services firms are facing. We’ve heard this for years, but this time it is different. Why?


This time it’s different…


There are two drastic changes that make this cycle of disruption and innovation different from prior decades.


The customer is in charge. Customer expectations have leaped forward. A new generation of customers, and a few digital savvy older ones, don’t visit branches, fill out applications, fax documents, and wait 5-7 business days for anything. They expect an always-on digital experience that helps them to do what THEY want to do. They are not interested in YOUR product. In prior years, while the customer wanted a different experience, they didn’t really have any alternatives. Moving from one bank to another was very difficult and often resulted in little more than the color of their plastic changing.


Today, your customers have choices. IT firms, retailers, Telco’s, Fintechs and neo-banks are in the fray disrupting banks, siphoning off profitable customers and services, and filling the void between customer expectations and heritage bank products.


Fintech Competition. Fintech firms have raised $7B USD in January of this year alone. The venture capital market is voting that financial services is in need of disruption and customers are voting with their wallets.  Firms such as Betterment, Moven, Lending Club and Stripe are disrupting customer acquisition, payments, wellness, investments and loans. Each of these fintechs have established themselves as formidable competition to any bank by innovating and optimizing the processes that customers care about most.  This is being done through a counterintuitive change in business, technology, or model. That’s the bad news. That’s the bet your job news.



Fintech Collaboration. Fintechs provide FIs an opportunity to leapfrog traditional incremental development and deploy digital services better/faster/cheaper with wildly different economics. Chances are, in every strategic process you have today, there are dozens of well-funded Fintech firms focusing on disrupting that process and changing the economics. What happens if they join forces? Ondeck and Chase, Moven and TD are just two examples. Cooperation is enabling the internal disruption that will drive change within an organization, instead of waiting for the disruption to come externally.


The real opportunity is to combine the innovation and unconventional thinking of Fintechs with the reach and resources of traditional financial institutions.  In recent research by Cubeyou, when Millennials are asked about relevance, Fintechs like Moven, Gobank and Simple top the list, while the same group rates Chase, American Express and USAA as tops for reach. Collaboration across these dimensions is the key to industry innovation.


A word of caution, the bureaucratic force is strong in FIs. The institutional temptation to either build it or kill it, is the graveyard of many great ideas.


The conservative posture of IT and Risk Management, the vendor hostile orientation of Strategic Sourcing and the Middle Management fear of failure, are a toxic trilogy to thwart real innovation. If you are not failing occasionally, you’re not innovating enough. If it takes longer to negotiate the contract and pick a vendor than it does to do the project, you’re not moving fast enough. If you find yourself falling back to a product orientation, you’re not being new enough.  In the endless pursuit of better, faster, cheaper – you’ll need to change your behavior to get different results. FinTechs can help.

Want to hear more? Join us at Money 20/20 Europe on Thursday, April 6th, where we will be talking more in depth about FinTech collaboration.

How Much to Spend

1 in 4 Millennials Are Looking for Financial Advice on Google


Moven Research Reveals the Frustration Behind Americans’ Money Woes

It’s no secret Americans today are facing a challenging financial landscape and paying close attention to their finances is a priority moving into 2015, but money anxiety and limited resources have them looking for help in all the wrong places. New research from Moven, the first spending app and debit card that provides real-time behavioral feedback and instant receipts to help customers spend smarter, shows that 1 in 6 (17%) Americans are actually turning to the Internet or Google for financial advice. That number is even higher among millennials (ages 18-34), with 1 in 4 (24%) reporting they would seek out advice via Google or the Internet.

Moven commissioned accredited research firm YouGov to study the financial behavior of a representative sample of 1,178 American adults. The findings indicate that money anxiety is causing Americans to actively seek out financial information, but they lack the tools and resources needed to truly be successful. Given the upcoming holiday shopping season its likely many Americans will overspend in the coming months and Moven’s research suggests most will be unprepared for the inevitable shock once it’s time to pay the bills.

“For most people, sticking to a budget is nearly impossible because monthly expenses never stay the same and unexpected expenses can easily throw consumers off track,” said Alex Sion, President of Moven. “In reality, budgets are an outdated way of managing expenses and consumers would be better served finding resources that help them understand how fast they spend and where they are spending. With real-time feedback they can focus more on changing their behavior instead of tediously updating a budget,” he added.

Additional key findings from the research include:

Financial Wellness a Concern, But Tools are Sorely Lacking

  • Financial wellness is a major concern moving into 2015: Half (50%) of Americans are planning to discuss financial wellness with their families in the next 12 months. This is significantly more than plan to discuss their physical health (46%), career/ the job market (34%), education (26%), or mental health (19%).
  • Americans don’t think they have what they need to be financially successful in 2015: 1 in 5 (19%) Americans think they would keep a financial resolution in 2015 if they had better resources to do it. 1 in 6 (18%) think that if they had real-time feedback on their spending habits it would help them keep a financial New Year’s resolution.

 Money Matters When It Comes to Love

  • Talking financial wellness could save a romantic relationship: 1 in 4 (26%) of Americans said financial wellness caused the most stress in their relationships. In fact, it was listed as the number one stressor in romantic relationships across all age groups.This was at least doublethe amount of Americans that listed physical health (12%), their career (11%), mental health (10%) and their geographical location (8%) as number one.

 Keeping Track is Too Much Work, Especially For Millennials

  • Americans don’t take budgets seriously: A third of Americans (33%) that keep a budget found it frustrating just because they couldn’t stick to it. More than a quarter (26%) were frustrated because it was too stressful or overwhelming. And, in today’s digital age, a surprising 1 in 3 (36%) Americans are keeping track of their monthly expenses on a piece of paper.
  • Americans would rather someone else do their work: Consumers know they can’t keep a budget on their own and are turning to other people or services to track their monthly expenses. Technology is becoming increasingly important in this regard, as almost a quarter of Americans (24%) are relying on services from their bank and 1 in 10 (10%) are relying on a personal finance app.
  • Men are lazier than women at keeping budgets: Men and women are both equally terrible budgeters, 23 percent don’t keep a budget at all. Men that do keep a budget are more likely to be frustrated with it because they are lazier (22%) than women (19%). Men (11%) that keep budgets are much more likely to keep track of their expenses with a personal finance app than women (8%). More than 1 in 3 women (42%) that keep budgets are actually doing so on a piece of paper, compared to just 31 percent of men.
  • Americans are obsessed with checking their bank accounts: Despite the fact they can’t stick to their budgets, Americans are trying to monitor their spending. Nearly a quarter (23%) of Americans check their spending accounts once a day or more. 1 in 4 women (24%) check their spending accounts once a day or more, compared to 1 in 5 (21%) of men.
  • There’s no cure for millennials’ financial anxiety: 1 in 11 (19%) millennials check their spending accounts multiple times a day, more than any other age group, but a third of millennials (31%) don’t even keep a budget at all. They are most likely to benefit as technology evolves and provides resources beyond just budgeting services for money conscious consumers, yet just 1 in 6 (18%) has turned to a personal finance app to track their monthly expenses.

“Financial health, like physical health, is about understanding your current situation, behaviors and trajectory so that you can make changes to improve your ability to live your life and survive unexpected shocks,” said Sion. “The upcoming holiday season is a great time to step back and take stock of your finances and reflect on whether your daily habits and behaviors are empowering or endangering your long term money goals which is much more effective than trying to stick to a budget that’s destined to fail,” he added

To sign up, visit Moven at or download the Moven app on Itunes or Google Play.

Connect with us on Twitter @getMoven.

Research Methodology
Moven commissioned accredited research agency YouGov Plc to poll the views of a representative sample of 1,178 U.S. adults. Fieldwork was undertaken between October 24-27, 2014. The figures have been weighted and are representative of all U.S. adults (aged 18+). The research was carried out online.


Moven Completes A Round


Today while presenting at Wired Money in the UK, I proudly announced the closing of Moven’s Series A Investment round.

Led by SBT Venture Capital, this $8m raise included Route 66 Ventures, Standard Bank, and a few new angels. We are excited to welcome each of them to the Moven family and thank them for their investment in our mission to reinvent banking.

We would also like to thank Anthemis Group, our Seed round lead who also chose to participate in this raise. Their appetite for continued funding is a strong vote of confidence that all of us at Moven deeply appreciate.

Finally, we would like to recognize the Santerre Group, Kevin Plank from Under Armour, our NY Angel investors, and Jim Pallotta from Raptor Group for their stellar support throughout our Seed round and initial product development. We certainly would not have made it this far without them.

As many of you know, Moven has been in launch phase for less than a year, only recently exiting our Beta invite process in March of 2014 and opening up our service to the public. In that brief time Moven has become one of the most watched new brands in the global banking sector. Our work has been cited by Wired, AT Kearney, American Banker, Accenture, Forrester, EFMA and many others as a potential model for the future of banking.

While many “neo-banking” competitors’ initial product launches required $10m to $300m to execute, we are proud to say that the Moven team was able to launch what Techcrunch described as a, “feature set (that) is notable, and in some cases even tops that of…other more modern mobile banking/payments apps” with only $4.5m in spend. With $8m more in capital to invest, we believe that we will continue to generate significant progress with effective, strategic use of that investment.

For now Moven’s objectives are clear. First is to invest in the product and create the defining benchmark for the ‘downloadable smart bank account’ category in the US. With this new funding Moven can now fully capitalize on the hundreds of thousands of prospects and emails built over the last few months. And we can continue to invest in ground-breaking features and tools that will redefine the banking experience for every one of our users.

Second, is to exclusively align with strategic partners in other parts of the world to integrate the Moven app with their basic banking experiences. We have always envisioned the disruptive change occurring in retail banking as a global phenomenon. We will now be moving forward with a number of international partnership agreements that will give us presence on three continents while creating new revenue opportunities. You’ll be hearing a lot more from us about these partnerships and launches in the coming months.

It’s hard to believe that it’s been only 18 months since our initial funding, but if our accomplishments to date have been any indication then the journey has only just begun. We believe that in short order millions of customers will be using our app each day to help them spend, save and live smarter.

Thank you for your incredible support thus far and remember to keep on Moven!

– Brett King

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