Moven announced last week they would shutter their challenger bank offering and all accounts would be closed by April 30th; the company is instead shifting all of their focus to Moven Enterprise which is their software business for banks; the company intended to spin out the challenger bank but the current crisis came along and forced them to shut it down; Founder Brett King sat down with American Banker to talk about the move and where Moven Enterprise is headed; the interview discussed how other challenger banks might have to cut down on growth expectations and even shutter if the crisis is prolonged; King believes the challenger bank might have been a little early and they missed a big wave a funding; the company intends to launch their software offering in the U.S. market soon and thinks there will be a lot of demand for the offering; they also discussed how King manages his time with a weekly radio show, speaking, writing books and running companies. American Banker
