Moven Winding Down Consumer Unit

Moven is winding down their personal financial management offering due to the current market; going forward Moven will now focus solely on selling their technology to banks; Brett King, founder and executive chairman stated, “While our Enterprise business continues to see strong demand, marked by our recent multi-year deal announced with STC Pay based in the Kingdom of Saudi Arabia, the impact of coronavirus on our long-term committed funding pipeline has been impaired. Our plans for the spin-off of the direct-to-consumer business have had to be shelved as a result. It has become patently clear we need to focus our energies and our resources on the segment of our business where we can reach the most consumers moving forward, and that is our distributed smart banking and financial wellness capabilities.” All accounts will be closed in Q2 2020. Finextra

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