Moov open source platform secures $5.5m seed round
Moov Financial, an open source embedded banking platform, has raised $5.5 million in seed funding led by Bain Capital Ventures.
The round saw participation from Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, and 27 influential angel investors.
Veridian Credit Union also participated in the round after signing a strategic partnership agreement.
Moov will use this funding to continue to build the community, expand its engineering team to accelerate the product roadmap, and deepen partnerships and enterprise agreements.
Moov’s open source platform allows companies to quickly deploy basic financial service solutions to seamlessly receive funds, store value, and remit payments.
“The industry has been looking for an experienced team with the expertise and ability to build industry consensus around the common need for a modern, portable, embedded money movement infrastructure,” says Matt Harris, partner at Bain Capital Ventures.
The platform was built by industry veterans with experience in digital banking, core banking, fintech, and payments.
Moov’s banking-as-a-service platform takes a developer-first approach of being open source, portable to cloud providers or on-premises, modular for customisation, and decoupled from any single bank program.
It has seen hundreds of developers engaged in its community, with significantly increased demand for Moov enterprise solutions.
Moov’s open source protocols offer the first de facto standard for embedded payments infrastructure offered publicly.
In late 2018, Wade Arnold and Bob Smith began building the “Moovment”, creating a developer-first open source community focused on low-level financial infrastructure components.
These components assist software-as-a-service companies, digital banks, and fintechs to directly embed financial transaction capabilities within their product offerings. It helps them leverage Moov to power additional infrastructure not provided by legacy offerings.
“Seamless banking services have become a consumer expectation for technology companies in the same way the internet, cloud, and mobile have done in the past,” says Wade Arnold, founder and CEO of Moov.
“We see history being repeated in fintech where proprietary solutions were first to market and subsequently replaced by community-led efforts surrounding open source projects.”