Moven to wind down consumer unit as spin-off funding withdrawn
Moven is to shut down its direct-to-consumer PFM offering following the withdrawal of multi-year funding as a result of market conditions. The New York-based company, fronted by fintech pioneer Brett King, says the firm will now concentrate solely on selling it technology to banks.
Says King: “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.”
The direct-to-consumer offering will be wound down and all accounts closed in Q2, 2020, he says.