Moven's business model was largely dependent on funding, which fell through as the coronavirus continues to spread across the US
American Banker. Moven was founded in 2011, initially operating its direct-to-consumer model with basic features like a debit card, access to 40,000 ATMs, and personal finance management tools including budgeting tools and nudges to help users save.It has since expanded to also operate a business-to-business model, Moven Enterprise, which offers white-label digital banking software for major banks like TD Bank in Canada and Westpac in New Zealand.
Moven's business model was largely dependent on funding — neobanks should assess their operating models so they can sustain operations even if funding falls through. With the outlook for funding appearing dim as the coronavirus pandemic continues to rock global markets, it will be difficult for those neobanks that rely on funding to sustain operations if they don't also have other sources of revenue.
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