MOVO

MovoCash, Inc., operating as MOVO, is a financial technology company founded in 2014 by Eric Solis, a seasoned entrepreneur with over two decades of experience in the fintech and financial services industries. Solis, who previously founded SaveDaily.com and coined the term "micro-investing," established MOVO with the mission to serve underbanked consumers and provide greater financial inclusion. His background in wealth management at firms like Merrill Lynch and his experience with financial systems shaped his vision for a mobile-centric banking solution.

MOVO operates as an on-demand mobile banking platform, targeting consumers who may lack access to traditional banking services. The company's business model centers on providing an all-in-one digital financial app that combines banking, payments, and a digital cash network. Revenue is generated through various fees associated with its services. Since its inception, MovoCash has raised a total of $12.5M across several funding rounds, including a notable $1.8M seed round led by Tech Coast Angels in 2016. In May 2021, the company launched its ON-DEMAND Mobile Banking app in partnership with Mastercard and Coastal Community Bank, with accounts being FDIC insured.

The core of MOVO's offering is its patented HyperBIN® technology, a system that uses digital tokens to power an end-to-end contactless payment ecosystem. This allows for the instant creation of digital debit cards, known as CASH Cards®, for secure online and in-store purchases. The platform enables users to send and receive money, load funds from various sources including bank accounts and other payment apps, and manage transactions directly from their mobile device. A key feature is the ability to generate single-use or multi-use virtual cards, giving users precise control over their spending and protecting their primary account information from potential fraud. The service is designed to be accessible regardless of a user's credit history.

Keywords: digital banking, mobile payments, P2P payments, fintech, underbanked, financial inclusion, virtual cards, digital wallet, payment platform, Eric Solis, neobank, contactless payments, HyperBIN, CASH Card, mobile banking app, financial services, e-wallet, digital cash, MovoCash, send money, pay bills, direct deposit, fraud protection