TD MySpend, Powered by Moven, Hits 270K Users

  • Philip Ryan
  • May 31, 2016
  • 3

© Can Stock Photo Inc. / gajdamakTD Bank in Canada announced a deal with Moven back in Dec. 2014, and only launched the service last month.

But it appears that the wait was worthwhile: the service has already picked up a 277,000 users* since then.

This number is particularly noteworthy because TD mobile users had to download a separate app, which afterward operated within the TD app.

MySpend offers a suite of money management tools familiar to Moven-watchers — the spending meter and realtime transaction alerts. Moven CEO Brett King told Bank Innovation in April that the app offers “gamification around spending.”

TD Bank CEO Bharat Masrani announced the windfall last Thursday, May 26, amid a host of innovation initiatives:

In Canada, TD MySpend, the real-time money management app we launched this month, already has more than 180,000 customers and double that many accounts. And we expanded customer service through Facebook Messenger to the U.S. after debuting it with great success in Canada, last December. We also announced that we will be introducing Apple Pay for our Canadian customers, a service we already offer in the U.S. We’re excited to build on our leadership position in the digital space by adding Apple Pay to a strong suite of mobile payment options that include our TD app, Samsung Pay in the U.S., and our participation in UGO Wallet in Canada.

This is enviable user growth — enviable even to Moven’s U.S. division, which does not release numbers, but is certainly far below MySpend’s numbers. Perhaps Canadians are smarter about their money?

* Updated on May 31, 2016, at 10:45 am ET per Brett King

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Philip Ryan is Associate Editor of Bank Innovation. He worked as a web developer for the Fund for the City of New York for six years, and was an HTML developer at Ocean-7 Development back in the go-go ’90s. He has more than 15 years' experience in online journalism. He can be reached at pryanrmg1@gmail.com.

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3 thoughts on “TD MySpend, Powered by Moven, Hits 270K Users

  1. Philip,

    We hit 277k today with TD MySpend, so this is how fast this is moving. In respect to the US being “far below MySpend’s numbers”, I can say with confidence that this is not an accurate assessment – but we’re still not releasing our US numbers. That is, unless you are an investor in Moven 😉

    Regardless, this is clearly a strong vote of confidence in Moven’s tech, and you can expect that Moven in US, Canada and Westpac will be close to 2m aggregated users by year end

    BK

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