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Sberbank invests $8m in US banking app Moven

0 7 July 2014
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The venture arm of Russia's biggest bank Sberbank has become the second Russian fund to back US innovative banking startup Moven.
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SBT Venture Capital led an $8 million round in which Anthemis Group, Route 66 Ventures and New York Angels also participated. 
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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. 
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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.
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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.

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