New York, NY – Movencorp Inc. (“Moven”), the market-leading Neobank and white-label online banking solution provider, today announced that the company has received a strategic investment from TD Bank Group, N.A. (“TD”), to accelerate the development of its Neobank platform and to enhance its international sales efforts for the company’s white-label enterprise solution.
With over $1.0 trillion in assets, Toronto-Dominion Bank (TD’s parent) is the second largest bank in Canada and the ninth largest bank in North America by assets. The investment in Moven builds on the successful pre-existing relationship between both companies. Moven’s technology powers TD MySpend app, which is a companion app to TD’s mobile banking app, and Moven allows users to track their spending habits and receive notifications in real-time.
“Within nine months we’ve already exceeded 850,000 registered users,” Rizwan Khalfan, the bank’s chief digital officer, said. “We are seeing customers who are using the app reduce their spending by around four to eight percent, with most frequent users seeing the greatest impact.”
Moven continues to rapidly expand its user base and capabilities by capitalizing on the success of its partnerships with large multinational financial institutions as well as its standalone platform. Going forward, the capital provided by TD will enable Moven to accelerate its growth in multipronged white-label solutions and its direct-to-consumer offering.
“We realized early on that we couldn’t get tens of millions of customers using the app across multiple geographies without partners like TD, who bring us real scale and solve one of the biggest problems that fintechs face today, which is recurring revenue growth,” Brett King, Moven’s CEO and one of its founders, said. “We continue to offer direct to consumer capabilities in the US, and we just announced the launch of our app in the UK, but the bigger numbers are coming from our global banking partnerships.”
Leonis Partners, a New York-based investment bank, acted as exclusive financial advisor to Moven.
Movencorp Inc. provides a real-time mobile money tool that lets users to spend money from mobile devices and provides instant feedback on transactions and spending patterns. Its tool can be used on various Android and iOS mobile devices. Movencorp Inc. was formerly known as MovenBank Corp. Ltd. The company was founded in 2010 and is based in New York, New York.
About Toronto-Dominion Bank:
The Toronto–Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Commonly known as TD and operating as TD Bank Group, the bank was created on February 1, 1955 through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively. TD Bank Group is the second largest bank in Canada by total assets and a top-10 bank in North America. Globally, it ranks as the 26th largest bank in the world. The bank and its subsidiaries have over 85,000 employees and over 22 million clients worldwide.
About Leonis Partners:
Leonis Partners is a boutique investment bank that focuses on advising high-growth middle-market technology companies. Leonis advises growing and profitable businesses that are interested in understanding their strategic M&A and Capital Markets options. Leonis focuses exclusively on providing sector-focused, unconflicted M&A and capital raising advisory services. Leonis is headquartered in New York City with offices across the US.