Silicon Valley tried to upend banks but now it works with them
San Francisco
IN 2011, Brett King was promoting his book, Breaking Banks, and creating a startup that he hoped would do to the banks what Amazon did to the retail industry and Facebook did to media.
"We had grand ideas of being the Facebook of banking, and being a new form of bank account," Mr King said recently.
Six years later, his company, Moven, has opened only 60,000 of those new bank accounts. Mr King has now transitioned to selling his software to the banks he once scorned, which use it as a component of their mobile apps.
"We realised that if you want millions of users as a bank, it is a very different proposition than building a social media network," he said.
Silicon Valley has upended a growing number of industries, and it had seemed not too long ago that Wall Street would soon be next. A flurry of financial startups rose quickly and grabbed billions…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Philippines’ Recto sees rate-cut delay risk if peso sinks to 59
Ecuador president declares state of emergency over energy crisis
US Senate has agreement on Fisa reauthorisation, will vote on Friday night, Schumer says
US expects to finalise new Aukus trade exemptions in next 120 days
IMF concerned about debt, fiscal challenges facing low-income countries
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising