Question 1

What is Movii?

Accepted Answer

Movii is a Colombian digital wallet and fintech company that operates as a Sociedad Especializada en Depósitos y Pagos Electrónicos (SEDPE). It is the largest SEDPE in Colombia, providing 100% digital financial services focused on financial inclusion for both banked and unbanked populations.

The company offers electronic deposits, digital payments, and mobile banking services through its mobile application and prepaid debit card. As of August 2021, Movii had reached 1.76 million customers and became the fifth-largest financial services institution in Colombia by transaction volume.

Question 2

When was Movii founded?

Accepted Answer

Movii was founded by Julian Montejo and Hernando Rubio in 2018, with the company legally constituted on May 5, 2017. The platform was officially launched to the public on July 11, 2018.

The founders created Movii with the explicit purpose of minimizing barriers to financial inclusion through digitalization. Their goal was to use technology to change the traditional banking business model by offering services with excellent usability at minimal or no cost to users, enabling exponential growth and allowing more Colombians to pay or be paid digitally.

Upon launch, Movii became the first regulated fintech in Colombia under the SEDPE model, authorized and supervised by the Superintendencia Financiera de Colombia. In March 2019, Movii launched its rechargeable debit card with support from Moviired, Mastercard, and the IFC.

Question 3

Where is Movii headquartered?

Accepted Answer

Movii is headquartered in Bogotá, Colombia. The company's registered address is Calle 67 #7-94 in Bogotá, D.C.

As a 100% digital financial institution, Movii operates without physical branch offices, ensuring efficiency, accessibility, and complete availability through its digital-first model.

Question 4

Where does Movii operate?

Accepted Answer

Movii operates throughout Colombia, serving customers across the entire national territory through its fully digital platform. The company's services are accessible nationwide via its mobile application and debit card network.

The platform has particular reach in both urban centers and rural areas. Notably, 43% of Movii's microentrepreneurs are located in rural zones. The company has successfully partnered with the Colombian government to provide digital financial services to economically vulnerable families across the country.

Movii also offers international remittance services, allowing users to send money to countries including the United States, Venezuela, Chile, Argentina, Ecuador, Mexico, Uruguay, Brazil, Peru, and Bolivia. Users can receive international transfers from Germany, Belgium, Spain, Italy, and Switzerland through Movii's alliance with Money Exchange.

Question 5

What services does Movii offer?

Accepted Answer

Movii provides a comprehensive range of digital financial services including:

Personal Banking Services: Digital wallet accounts linked to mobile numbers, prepaid Mastercard debit cards, savings accounts, personal loans, and microfinance products.

Payment Solutions: Mobile rechargas (top-ups), utility bill payments, PSE (Pagos Seguros en Línea) transactions, national and international money transfers, and government subsidy payments.

Business Services: Payment collection (recaudo), digital and physical acquiring, tap-to-phone payments, fund disbursement, ACH transfers, Visa Direct, Mastercard Send, and Banking-as-a-Service solutions.

Digital Services: Movii offers iOS and Android mobile applications with real-time transaction notifications, transaction categorization, card freezing capabilities, and expense tracking. The platform operates entirely in the cloud, enabling rapid scaling and secure operations.

Additional Products: Digital content, sports betting platforms, cryptocurrency trading, remittances, and currency exchange services.

Question 6

What makes Movii unique?

Accepted Answer

Movii stands out as Colombia's first SEDPE and the largest in the country, holding 92% subscriber market share and 78% transaction share in the SEDPE services sector. In 150 years of Colombian banking, no financial institution reached 1.5 million customers as quickly as Movii.

The company operates under a fully digital, branchless model, which they describe as "banktech" - combining startup creativity with banking solidity. Movii's services are primarily free or very low-cost, promoting financial inclusion for underserved populations.

Notably, 57% of Movii's users are women, demonstrating strong gender equality in financial access. The platform also serves youth aged 12 to 17, helping younger people become financially independent.

Movii has received recognition from Forbes as one of Colombia's 30 most promising companies. The platform powered by Comviva's mobiquity® Pay technology, and has raised $42 million in funding, with investors including Block (formerly Square), Hard Yaka, and Blue Like an Orange Sustainable Capital.

Question 7

What type of financial institution is Movii?

Accepted Answer

Movii is a Sociedad Especializada en Depósitos y Pagos Electrónicos (SEDPE), which translates to Specialized Society for Electronic Deposits and Payments. This is a specific financial institution type created under Colombian Law 1735 of 2014 and enacted by Decree 1491 of 2015.

SEDPEs are regulated financial entities authorized and supervised by the Superintendencia Financiera de Colombia. They can capture and manage electronic deposit accounts but are prohibited from lending money (a restriction negotiated to address concerns from traditional banks about regulatory differences).

This regulatory framework was specifically designed to promote financial inclusion and enable technology-driven companies to offer basic financial services to Colombia's unbanked population. As a SEDPE, Movii operates under strict financial regulations while maintaining the agility and innovation of a fintech company.

Question 8

Who are Movii's key partners and technology providers?

Accepted Answer

Movii has established strategic partnerships with major financial and technology companies to power its services. The company partnered with Comviva to deploy mobiquity® Pay, which powers the Movii wallet app and provides the core mobile money platform.

Movii works with both Mastercard and Visa for its debit card programs and payment networks. The company received support from the International Finance Corporation (IFC) and Moviired for its card launch.

For payments infrastructure, Movii has integrated with CyberSource, PSE (Colombia's online payment system), Servibanca ATM network, Grupo Aval banking correspondents, and Baloto payment points. The company maintains connections with all major financial networks in Colombia, operating as an open ecosystem that facilitates partnerships with fintechs, payment aggregators, merchants, and traditional financial institutions.

Movii

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About Movii in Colombia