Palo Alto-based Movo, a P2P payments and mobile banking enterprise, has raised a $1.8M seed round from two tech angel consortiums. Targeting the 44 million “underserved millennials” (underbanked), the firm offers a platform that couples free P2P payments along with a free bank account. The latter is often the challenge with the underbanked, and deposits, oddly, are the hardest part of the equation for these entities. MOVO will use this round to launch a mobile app in Q4/2016.
According to their website, one of their several advantages is protection against theft……”We use digital “gift cards” to protect all transactions. This means a one-time use card number, providing a secure layer between the bad guys and your “real” credit card number. If stolen, the temporary gift card is invalid.”
Total Equity Funding
$2.5M in 2 Rounds from 4 Investors
Most Recent Funding
$1.8M Seed on September 7, 2016