Movo, an Oakland, CA-based mobile payments startup, closed a $1.8M seed funding.
The round was led by Tech Coast Angels (TCA). In conjunction with the funding, TCA Orange County Chapter President Grant Van Cleve joined Movo as board member.
Led by Eric Solis, Co-Founder & CEO, Movo provides a P2P2P™ (Peer-2-Peer-2-Purchase) platform, which combines free peer-to-peer payments coupled with a complimentary bank account to deliver a solution for millennials.
The company intends to use the funds to launch its mobile app in the fourth quarter of 2016.Using the app, consumers can instantly send money to friends and family and create digital prepaid cards on demand that can be spent in-store, in-app, and online anywhere major credit cards are accepted.