MovoCash, Inc. Market Research Report

Background

Company Overview

MovoCash, Inc., established in 2014, is a California-based financial technology company specializing in mobile banking and payment solutions. The company offers the MOVO® mobile application, enabling users to send, receive, and spend money instantly via their smartphones, even without a traditional bank account. MovoCash's mission is to provide real-time access to digital cash, empowering consumers to manage their finances securely and conveniently.

Mission and Vision

MovoCash's mission is to offer customers immediate and secure access to their digital cash, facilitating seamless financial transactions through their mobile devices. The company's vision is to revolutionize mobile banking by providing an on-demand, contactless payment experience that caters to the needs of underbanked and unbanked individuals.

Primary Area of Focus

MovoCash focuses on delivering innovative mobile banking solutions that integrate digital banking, payment processing, and blockchain technology. The company's primary area of focus includes:

Digital Banking Services: Providing users with FDIC-insured accounts and debit cards through partnerships with financial institutions.

Peer-to-Peer (P2P) Payments: Enabling instant money transfers between users, facilitating quick and secure transactions.

Blockchain Integration: Incorporating blockchain technology to offer cryptocurrency-to-cash conversion services, allowing users to convert digital assets into spendable cash.

Industry Significance

MovoCash operates within the fintech industry, addressing the needs of underbanked and unbanked populations by providing accessible financial services through mobile technology. The company's innovative approach contributes to the ongoing evolution of digital banking and payment solutions, promoting financial inclusion and accessibility.

Key Strategic Focus

Core Objectives

Financial Inclusion: Offering banking services to individuals without access to traditional banking, thereby promoting financial inclusion.

Innovation in Payments: Developing and implementing cutting-edge payment solutions that integrate digital banking and blockchain technology.

User Empowerment: Providing users with real-time control over their finances through a user-friendly mobile application.

Specific Areas of Specialization

Mobile Banking Solutions: Delivering comprehensive banking services via mobile devices, including account management and transaction capabilities.

Cryptocurrency Integration: Facilitating the conversion of cryptocurrencies like Bitcoin and Bitcoin Cash into spendable cash through the MOVO Chain® service.

Contactless Payments: Enabling secure, contactless transactions for everyday purchases, enhancing user convenience and security.

Key Technologies Utilized

HyperBIN® Technology: A proprietary system that utilizes digital tokens to power end-to-end contactless payments, allowing for instant creation of digital debit cards.

Blockchain Technology: Integrating blockchain to offer cryptocurrency-to-cash conversion services, bridging the gap between digital assets and traditional currency.

Primary Markets Targeted

Underbanked and Unbanked Populations: Individuals lacking access to traditional banking services, seeking alternative financial solutions.

Cryptocurrency Enthusiasts: Users interested in converting digital assets into spendable cash for everyday transactions.

Financials and Funding

Funding History

MovoCash has secured approximately $12.5 million in funding across several rounds, including:

Seed Round (2016): Led by Tech Coast Angels, raising $1.8 million.

Series A (2018): Secured $6.5 million from Bighorn Ventures.

Recent Funding Rounds

Series B (2019): Raised €20 million from Mutua Madrileña.

Notable Investors

Tech Coast Angels: Participated in the seed funding round.

Bighorn Ventures: Invested in the Series A round.

Mutua Madrileña: Led the Series B funding round.

Intended Utilization of Capital

The raised capital has been allocated towards:

Product Development: Enhancing the MOVO® application and integrating new features.

Market Expansion: Extending services to a broader user base, including underbanked and unbanked individuals.

Operational Scaling: Strengthening infrastructure to support increased transaction volumes and user growth.

Pipeline Development

Key Pipeline Candidates

MOVO Chain® Service: A web-based service enabling users to convert Bitcoin and Bitcoin Cash into spendable cash within minutes.

Stages of Development

MOVO Chain® Service: Launched in May 2018, allowing cryptocurrency owners to convert digital assets into cash for everyday transactions.

Target Conditions

Cryptocurrency-to-Cash Conversion: Facilitating the use of digital currencies in daily financial activities.

Anticipated Milestones

Service Expansion: Broadening the range of supported cryptocurrencies and enhancing conversion capabilities.

Technological Platform and Innovation

Proprietary Technologies

HyperBIN® Technology: Enables instant creation of FDIC-insured bank accounts and debit cards, facilitating secure and real-time financial transactions.

Significant Scientific Methods

Blockchain Integration: Utilizing blockchain to offer seamless cryptocurrency-to-cash conversion, bridging digital assets with traditional currency systems.

Leadership Team

Eric Solis – Founder & CEO

Eric Solis is a seasoned entrepreneur with over 20 years of experience in the fintech industry. Prior to founding MovoCash, he served as Senior Vice President of Investments at Merrill Lynch and founded SaveDaily.com, pioneering micro-investing. He holds educational credits from Stanford University, MIT, and Oxford, and possesses various financial licenses, including FINRA series 7, 24, 65, and 63.

Competitor Profile

Market Insights and Dynamics

The fintech industry is experiencing rapid growth, with increasing adoption of mobile banking and digital payment solutions. The market for underbanked and unbanked financial services presents significant opportunities for companies like MovoCash.

Competitor Analysis

Chime: Offers mobile banking services with no fees and a focus on financial inclusion.

Venmo: Provides peer-to-peer payment services with a user-friendly interface.

Cash App: Enables users to send and receive money, invest in stocks, and buy Bitcoin.

Strategic Collaborations and Partnerships

Coastal Community Bank: Partnered to offer FDIC-insured accounts and debit cards to MovoCash users.

Mastercard: Collaborated to provide users with Mastercard-branded debit cards for seamless transactions.

Operational Insights

MovoCash differentiates itself by integrating blockchain technology for cryptocurrency-to-cash conversion, offering a unique value proposition in the fintech space.

Strategic Opportunities and Future Directions

MovoCash aims to expand its user base by enhancing product offerings, integrating additional cryptocurrencies, and exploring new market segments to drive growth and innovation.