Moov Financial raises $5.5 mn in Seed Round led by Bain Capital Ventures

By Pavithra R

Moov Financial, a portable, extensible, open-source embedded banking platform provider, has announced that the company has raised $5.5 mn in seed funding led by Bain Capital Ventures.

The investment round saw participation from Canapi Ventures, Commerce Ventures,  RRE Ventures, Uncorrelated Ventures, Gradient Ventures, and 27 influential angel investors, including Brandon DeWitt, Sima Gandhi, William Hockey, Brian Kelly, Mengxi Lu, Zach Bruhnke, Calanthia Mei, Emily White, and Charley Ma. Veridian Credit Union also participated in the funding round after signing a strategic partnership agreement.

Moov is planning to use the finance to continue to build the community, expand its engineering team to accelerate the product roadmap, and deepen partnerships and enterprise agreements.

“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. I am confident that Moov has the team to accomplish this task,” said Matt Harris, partner at Bain Capital Ventures.

After spending years building new technology platforms on legacy banking infrastructure, including building into 40 different core banking systems, 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.

Moov is rebuilding banking infrastructure for a cloud-native world without any legacy technology dependencies. It’s open-source platform allows companies to deploy basic financial service solutions quickly to receive funds, store value, and remit payments seamlessly.

Moov’s Banking-as-a-Service platform takes a developer-first approach of being open-source, modular for customization, portable to cloud providers or on-premises, and decoupled from any single bank program. Moov’s open-source protocols offer the first de facto standard for embedded banking offered publicly.

“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. 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,” said Wade Arnold, founder, and CEO of Moov.