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Offering free mobile banking, P2P, & payments for the Underserved

Offering free mobile banking, P2P, & payments for the Underserved

MOVO combines a free mobile banking, peer-to-peer (P2P) money transfer, and mobile payments to deliver a P2P2P™ (Peer-2-Peer-2-Purchase) solution for the 68 million strong Underbanked US consumer market. In order to deliver banking and mobile payments functionality, the application leverages a customized open loop card program structure hosted within an issuing bank processing environment integrated with the payment networks.

With MOVO, users send money to friends and family directly from a mobile device to any recipient (banked or Underbanked), who can immediately redeem to pay bills or make purchases. Unlike other ledger-based P2P transfer services, no bank account is required for either the sender or the receiver, and the funds are instantly available for redemption. With its one-of-a-kind digital cash equivalent, MovoCoin, stored monetary value can be generated by end-users directly on their mobile devices in the form of a virtual card that can be spent in-store and online.

Eric Solis

Avatar for Eric Solis
Proven explorer & entrepreneur with the goal of building innovative companies that impact and change the world for the better.
Valuation

$4.8M

Funded over

1 round

Latest round

Seed (Jan 2016)

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