The acquisition, which completed on the 12 September 2018 - will see Brighton-based Movem continue as a standalone business.
Barbon, trading as HomeLet and Rentshield Direct, is the leading integrated tenant referencing and insurance specialist to the UK lettings sector, with more than 25 years of experience providing protection solutions to letting agents and their landlords and tenants.
Movem, led by founder and chief executive Peter Ramsey, is an innovative service which uses personal online banking transaction data to validate tenants’ financial means and payments history, which is central to the tenant referencing process.
Following completion of the transaction, Movem will continue to be led by Ramsey, who will stay on as CEO.
Martin Totty, chief executive of Barbon Insurance Group said: “Under Peter’s enthusiastic leadership, Movem has developed a platform which offers real possibilities to further enhance the tenant referencing process utilising open banking data. This is a major initiative that the government is clearly committed to driving forward and which ultimately will offer multiple applications across many sectors.
“We were especially drawn to the possibility of the Movem platform enhancing our referencing process in terms of improved fraud detection, sadly a growing problem for us all, whilst also having the potential to streamline the overall process.
“Movem has other developments planned which open up further exciting possibilities. Under Barbon’s ownership, we can support Peter and his business to take Movem to the next stage with the strength and security of a long-established industry provider behind them.”
Peter Ramsey, chief executive at Movem said: “Even during our initial discussions, it became clear the mission and culture of Movem was a good fit with Barbon’s own ethos. Movem as a service will have access to more resources under Barbon to ensure we continue to develop and innovate further in this exciting new technology.
“Under its leading HomeLet brand, Barbon clearly understands this sector and sees Movem as a valuable addition to its range of solutions.
“Movem will continue on the same roadmap with the same team as a standalone business, now as part of a larger supportive parent group.”
Martin Totty added: “The lettings sector is seeing considerable innovation with new technologies and new concepts presented on a regular basis. At times this must appear bewildering to letting agents having to sift through the myriad of pitches and presentations and needing to decide where, if anywhere, to place their bets. Innovative start-ups with savvy technology capable of further development are now present in many sectors. Prospective customers will want assurances around long-term access to capital and risk management expertise, especially in regulated markets, before fully committing to new ventures and adapting their own processes.
“As part of the Barbon Group, alongside our HomeLet brand, Movem now has that long-term security.”