Movii

Movii is a Colombian digital bank and mobile payments platform focused on promoting financial inclusion. The company operates through a mobile application that provides users with a digital wallet, allowing them to send and receive money, pay bills, make online and in-store purchases, and recharge mobile services. It primarily serves the unbanked and underbanked populations in Colombia, including immigrants with temporary residence, by offering accessible and low-cost financial services without traditional banking fees. The business model centers on providing a free digital account and a prepaid Mastercard debit card. Revenue is generated through commissions on services offered via its business-to-business platform, MoviiRed, which allows merchants to process transactions like utility payments, digital content sales, and sports betting deposits.

The company was co-founded by Hernando Rubio and Julian Montejo, launching in July 2018. Rubio, the CEO, is a serial entrepreneur with over 15 years of experience in creating technology products for developing markets and previously co-founded Moviired, a large transactional services network in Colombia. His background includes studies in business management, e-business, and financial inclusion programs at Harvard University. Movii was established to address the high reliance on cash and the exclusion of a significant part of the population from the formal financial system. Key milestones include the launch of its Mastercard debit card in March 2019, partnering with the government to distribute welfare payments, and raising significant funding rounds, including a Series B led by Square.

Keywords: financial inclusion, digital wallet, mobile payments, fintech, Colombia, unbanked, challenger bank, money transfers, bill payments, prepaid debit card, e-commerce payments, p2p payments, financial services, digital banking, MoviiRed, Hernando Rubio, merchant services, digital content, cross-border payments, mobile money