Join us on July 30 in NYC for a breakfast & panel
Seven years after Moven came out with its Mint-like budgeting app and debit card, it’s establishing a joint venture with Japanese financial services giant SBI Holdings. The goal: To buy a bank.
The U.S. company is about to cross five million users globally this year, said CEO Brett King, who has plans to make Moven the first real U.S. challenger bank, a startup with a banking license, which would be called MovenBank. The U.S. is rife with “neobanks,” similar companies like Simple, Varo Money and Chime that have a partner bank in the background. But the FDIC hasn’t issued new banking licenses since 2008 and the Community Reinvestment Act requires that banks have branches. Until the OCC Fintech Charter comes out, there isn’t a regulatory framework for challenger banks in the U.S.
Banks buying startups isn’t anything new. But for financial technology startups, looking to scale or for a license to take deposits, buying a bank it’s a faster route to market than other solutions.
Moven is in talks with “a couple” of small banks with about two branches and healthy balance sheets about a potential acquisition in which the banks continue to run the branches and Moven focuses on the digital banking product.
More in Marketing
Walmart reveals soccer fans’ World Cup shopping habits
New data is from Walmart is showing that consumer shopping habits shifted during the 2026 World Cup.
Future of Marketing Briefing: What World Cup breakout stars Haaland and Zlatan can teach marketers about sports stardom
This year’s soccer darlings confirm the emergence of a new kind of sporting celebrity in direct conversation with fandom and social media.
Brands won this season of ‘Love Island USA’
Brands are eager to find their way into shows like Love Island USA and events that have become appointment viewing.