Movocash

MovoCash, Inc. operates as a financial technology company, providing a digital cash network and on-demand mobile banking solutions. The company was founded in 2014 by Eric Solis, a seasoned entrepreneur with over two decades of experience in the fintech sector. Solis's background includes wealth management at Merrill Lynch and founding other fintech ventures like SaveDaily.com, where he was a pioneer in micro-investing, and SAVE252 Systems, which focused on wealth accumulation for the underbanked. His experience is rooted in a passion for serving the mass market, particularly underbanked consumers.

The company's primary offering is the MOVO® mobile application, an all-in-one digital financial solution. It targets consumers who may not have a traditional bank account, offering them tools for real-time money management directly from their phones. The platform's core technology, a patented system called HyperBIN®, uses digital tokens to facilitate end-to-end contactless payments. This architecture allows for the instant creation of FDIC-insured bank accounts and debit cards. Key features include MOVO Pay® for peer-to-peer (P2P) payments, the ability to create disposable virtual CASH Cards® for secure online transactions, and an eCheckbook for paying bills. Users can load funds via direct deposit, cash at Mastercard rePower® locations, or transfers from other bank accounts and payment platforms.

MovoCash's business model is designed to provide accessible financial services, positioning itself as a free alternative banking platform for the underserved market. Revenue generation details are not explicitly public, but the model likely involves transaction fees, interchange fees from its Mastercard-issued debit cards, and potential fees for premium services, which is a common structure for neobanks. The company has secured approximately $12.5 million in funding across several rounds, including a notable seed round led by Tech Coast Angels. However, a notice from its partner, Coastal Community Bank, indicated that MovoCash financial services were to be discontinued as of March 31, 2023, with accounts being closed. Prior to this, MovoCash had been seeking a significant capital injection of $50 million to restart and expand its virtual card payments platform.

Keywords: mobile banking, digital cash, fintech, P2P payments, contactless payments, virtual debit cards, financial inclusion, underbanked services, neobank, HyperBIN, Eric Solis, digital wallet, payment platform, mobile money, financial technology, eCheckbook, real-time payments, payment processing, peer-to-peer transfer, digital financial solution, mobile banking app, alternative banking