Movenbank negotiates Australian entry

Movenbank, a recent challenger brand in the US industry, is seeking a banking partner in Australia.

Movenbank is presently in talks with two of the four major banks in Australia, the Financial Review reported on its website yesterday.

The AFR quoted Scott Bales, chief mobile officer, saying that the Australian launch will follow in 2013.

The firm's business model depends on plenty of insights into the "front end" of customer service in banking, with its management team being enthusiasts for contactless payments, Facebook and other forms of social media.

Movenbank lacks a banking licence in the US, where its invitation-only offering at the moment relies on the deposit-taking licence of a small bank based in Utah (the name of which Movenbank omits to mention on its website).

Movenbank expects to widen its target market by July.