Movo offers a P2P2P™ (Peer-2-Peer-2-Purchase) platform that combines free peer-to-peer payments with a complimentary bank account. Users can instantly send money to friends and family and create digital prepaid cards on demand. Those digital prepaid cards can be spent in-store, in-app, and online anywhere major credit cards are accepted. The company is led by Co-Founder & CEO Eric Solis. Movo intends to use the funding to launch its mobile app in the fourth quarter of 2016. The company is based in Oakland, California. Movo (incorporated as MovoCash, Inc.) is a Palo Alto-based payments startup building a free banking platform with a P2P payments app for underserved consumers. The product lets users open and load accounts without a bank account directly from a mobile device, storing value redeemable as a real-time digital debit card. That digital debit card can be spent at retail using standard point-of-sale equipment or integrated with NFC-compatible payment options. The company intends to finalize development of its beta product and launch in the US in the spring. Movo raised $700K in initial funding to complete development; backers include co-founder & CEO Eric Solis, co-founder & CMO Daniel Kjellen, Cox Orange Investment Ltd., and US and Asian angel investors. Board advisors include Mark Troughton and Sammy Hagar.

Total raised

$3M

Funding rounds

2

Latest round

Seed

Latest activity

Sep 2016