Movo (incorporated as MovoCash, Inc.), a Palo Alto, CA-based payments startup, raised $700K in initial funding.
– Eric Solis (co-founder & CEO),
– Daniel Kjellen (co-founder & CMO),
– Cox Orange Investment Ltd. as well as
– US and Asian angel investors.
The company intends to use the funds to finalize the development of its beta product, scheduled to launch this spring in the US.
Movo aims to offer a free banking platform with a P2P payments app for underserved consumers to control, manage and interact with their money in real-time. Accounts are opened and loaded without a bank account right from a mobile device. Stored value is then redeemable in the form of a real-time digital debit card, which can be spent at retail using standard Point-of-Sale equipment or integrated with other alternatives such as NFC-compatible payment options.
Board advisors in the company include Mark Troughton and Sammy Hagar.