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Youth-focused neobank Muvin has ceased its operations

Youth-focused neobank Muvin has ceased its operations, as confirmed by sources familiar with the situation and communication sent to its users. The shutdown comes as a result of regulatory direction from the Reserve Bank of India (RBI), which prohibited UPI services in co-branding arrangements. In a notification to its users, Muvin informed them that its card program has been terminated, and any available balance is being migrated to the issuer Livquik's app, with the migration expected to be completed by February 1st. The Muvin app has also been removed from the Google Play Store.


Youth-focused neobank Muvin has ceased its operations, as confirmed by sources familiar with the situation and communication sent to its users. The shutdown comes as a result of regulatory direction from the Reserve Bank of India (RBI), which prohibited UPI services in co-branding arrangements. In a notification to its users, Muvin informed them that its card program has been terminated, and any available balance is being migrated to the issuer Livquik's app, with the migration expected to be completed by February 1st. The Muvin app has also been removed from the Google Play Store.


Muvin, co-founded by Vineet Gupta and Mukund Rao, targeted both teens and young adults with its prepaid card and mobile app services. Prior to its closure, Muvin had secured funding rounds, including a pre-Series A round of $3 million led by WaterBridge Ventures in January 2022 and a seed round of over $1 million in April 2021.


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