Moven, a US-based mobile banking service provider backed by financial services firm Sberbank, has obtained $12m in series B funding led by Route 66 Ventures, Business Insider reported on Tuesday.
The round also featured other investors, a person familiar with the matter told BI, though they did not reveal the backers’ identities.
Moven offers users a mobile account that combines a debit card with a smartphone app. The app automatically tracks spending and alerts the user when they are approaching their monthly limit, breaking down transactions into categories such as groceries, bills and transport.
The money will enable Moven to expand into international markets, including Canada and New Zealand.
Concurrent to the funding round, the company has also hired Greg Midtbo, formerly of software developer Oracle, as managing director for enterprise, and Vincent Bahk, previously of advertising agency Digitas, as chief customer officer.
SBT Venture Capital, the venture capital arm of Sberbank, participated in Moven’s $8m series A round in July 2014, investing alongside financial services provider Standard Bank, holding group Anthemis, Route 66 and New York Angels.
Moven had previously secured $4.4m in seed funding across two rounds, in 2012 and 2013, from Raptor Ventures, the VC subsidiary of financial services firm Raptor Capital Management, Anthemis and VC firm Life.Sreda.