SBI Holdings has closed its second FinTech deal this week, backing personal finance platform Movencorp.
The firm made this investment in order to build a joint venture company with Moven to operate in the Asian market. SBI is hoping to boost the development of the mobile-based financial ecosystem, as well as financial services focused on securities, banking, and insurance.
US-based Moven is a mobile banking app that allows users to spend, save and track their money. Through the platform, a user accesses a single location to find what they have spent and analytics on where they can save money, and when they’ve been spending money faster than normal during the month.
Moven uses data science, behavioural psychology and financial analytics to boost day-to-day engagement on the app.
The company has partnered with banks including Toronto-Dominion Bank of Canada (TD Bank) and New Zealand-based Westpac Banking Corporation to help them develop their digital banking efforts.
Earlier in the week, SBI tapped its FinTech fund to back Switzerland-based InsurTech platform FinanceApp. The company uses algorithms to help find and recommend the best insurance policies for its users.
Last year, around 30 per cent of the capital invested in to the WealthTech sector went to ones based in Asia, the biggest share of the total capital. The global sector saw $2.5bn deployed across the year, of this, $729m went to Asia.