MOVO, a Bay Area payments startup, raised $700 thousand in seed funding. Investors include Cox Orange Investment Ltd and the company’s founders Eric Solis and Daniel Kjellen.
PRESS RELEASE
PALO ALTO, CA, February 23, 2016: 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. and some undisclosed private 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).
Contact
Please direct any press or media inquiries to info@movocash.com
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