Online guide to the Russian tech market
Home News Zoran Trevisan

Sberbank invests $8m in US banking app Moven

0 7 July 2014
The venture arm of Russia's biggest bank Sberbank has become the second Russian fund to back US innovative banking startup Moven.
SBT Venture Capital led an $8 million round in which Anthemis Group, Route 66 Ventures and New York Angels also participated. 
Moven, which was founded in 2011, allows clients to manage their accounts, check their balance, set savings targets and make payments via their smartphone. While it is not a bank in its own right, it does offer a debit card service supported by CBW bank. 
This round brings total investment in the project to $12.4 million. Moven's first investment round, worth $2.4 million, was provided in 2012 by Raptor Ventures and Anthemis Group, while Russian fintech fund Life.SREDA then injected $2 million in August 2013.
CEO Brett King recently told Wired that the company intends to use the money to fuel offshore expansion and branch out to new global partners by using its newly-obtained funding. The main initial target markets for global expansion are Canada and New Zealand.

More on the topic

comments powered by Disqus
via social network

Linked in