Deal extends relationship for an additional 5 years and includes US exclusivity
Moven announced a five-year extension of its very successful TD commercial partnership which brought TD MySpend to market in Canada last year. This deal, which is one of two major commercial agreements that Moven signed in December will contribute to a significant increase in Movens projected revenue.
Under the terms of the agreement, TD continues to have the exclusive Canadian distribution rights to Moven’s technology, and extends this to the US market. The first app of its kind in Canada, TD MySpend launched in May of 2016 and immediately shot to the number one spot on Canadian App stores beating out Facebook, Snapchat, Instagram and others.
“We launched TD MySpend to help our customers save and increase their level of engagement with us, and it’s clearly working,” said Rizwan Khalfan, Chief Digital Officer, TD. “Within nine months we’ve already exceeded 850,000 registered users. Moreover, we are seeing customers who are using the app reduce their spending by around four to eight per cent, with most frequent users seeing the greatest impact. We are thrilled the app is adding value to our Canadian customers in such a meaningful way and we’ll continue to evaluate our opportunities in the US.”
Moven operates in a hybrid fashion with a global enterprise software business licensing technology to banks around the world and a direct to consumer neo-banking service in the US. The service is already live in four geographies (Canada, New Zealand, UK, and US) with over one million users, and Moven expects that to increase to more than five million users in six geographies by the end of this year. At FinovateEurope in Februrary, Moven also announced the surprise launch of a limited direct to consumer service to UK residents to demonstrate the company’s ability to move quickly to new markets. “Our relationship with TD was a proving ground for Moven’s proposition that money management, behavioral savings and real-time awareness could increase engagement with bank customers day-to-day in a positive manner,” said Brett King, Founder and CEO of Moven. “We realized early on that we couldn’t get tens of millions of customers using the app across multiple geographies without partners like TD, who bring us real scale and solve one of the biggest problems that Fintechs face today, which is recurring revenue growth. We continue to offer direct to consumer capabilities in the US, and we just announced the launch of our app in the UK, but the bigger numbers are coming from our global banking partnerships. We already have one of the largest user bases globally of any neo-bank outside of China.”
About Moven (Movencorp Inc.)
Smarter Banking. Moven’s simple, secure mobile platform offers a unique blend of real-time insights and money management that lets banks engage with customers in a more meaningful way. We transform customer spending and saving patterns into personalized financial advice, bringing added value to banks and their customers with an integrated mobile platform that builds loyalty and revenue.