Moov announces its $27 million Series A funding round

By Edil Corneille

Cedar Falls-based Moov announced its oversubscribed $27 million Series A round led by Angela Strange, Peter Levine, Seema Amble, and the team at a16z, with participation from Gokul Rajaram in addition to its existing investors: Abstract Ventures, Bain Capital Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, Veridian Credit Union, and 27 angel investors. 3 months ago, the company announced its $5.5 million seed round led by Bain Capital Ventures.

Moov will use the funds to expand its team, further develop the enterprise offerings, and double-down on setting the standard for open collaboration on financial protocols. The company will fast-track the development of other payment primitives and introduce financial institutions servicing FinTechs and software companies across industries to the ways Moov can simplify and improve their financial products.

From banking to integrated payments, Moov is said to empower developers with developer-first code that’s modular, portable, and bank agnostic. The company is said to be creating a future that allows financial institutions and companies of any size (a FinTech, SaaS, marketplace, or startup) deploying financial services to implement just the components they need to improve their systems and continue developing custom solutions.

As companies consider new systems, developers are often left in the back seat, while other teams make structural decisions. This legacy approach is expensive and time-consuming. Moov, however, offers another path that ushers in the future of cloud-native banking. The most critical paths of its microservice architecture are open source banking protocols under an Apache 2.0 license. Developers can see how the code actually works and contribute to new features that are specific to their unique use cases, thereby benefiting the entire community.

On its website, Moov enunciated, “We believe that what we are doing at Moov is improving critical payment infrastructure, which isn’t a critical differentiator to our clients; it just has to work. We can’t wait to see what you create with a solid foundation.

On behalf of the Moov team, thank you to our partners, community, and investors for your continued support in making this future a reality.”