Announcing Moov’s $27M Series A round
We started Moov in 2017 to lend a trusted hand to developers building or integrating financial products. After more than 15 years of experience developing digital banking solutions, core banking, and payments, we knew that banking infrastructure could be better. We knew that sending, receiving, and storing money could be more straightforward. We knew that in a cloud-native world, security, portability, and flexibility are everything. And we wholeheartedly believe in community. So, we created Moov as an open source platform.
Developers could now turn to Moov and implement solutions in a single day rather than frantically reading outdated PDFs to build financial protocols from the ground up. We also fostered an inclusive Slack community where developers could share ideas, ask questions, and learn from each other. The group continued to grow as users working at large financial institutions, neobanks, and fintechs of all sizes turned to Moov’s libraries as a malleable building block in constructing financial products and solving challenges. Today, over 1,000 individuals engage in our Slack community, and companies like HMBradley, Bank Novo, Linden Lab, and BillGO use and contribute to our open source libraries. (Shout out to all of our community members — you’re driving the heartbeat of Moov!)
We rounded our first huge milestone three months ago as we announced our $5.5 million seed round led by Bain Capital Ventures. Today, we are thrilled to announce our 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 our existing investors: Abstract Ventures, Alloy Labs, Bain Capital Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, Veridian Credit Union, and 27 angel investors.
We will use the funds to expand our team, further develop our enterprise offerings, and double-down on setting the standard for open collaboration on financial protocols. We’ll fast-track our 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.
Moov empowers developers with developer-first code that’s modular, portable, and bank agnostic, from banking to integrated payments. We’re creating a future that allows financial institutions and companies of any size (a fintech, SaaS, marketplace, or startup) to deploy financial services and implement only 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 our microservice architecture are open source banking protocols under an Apache 2.0 license. Developers can see how the code works and contribute to new features specific to their unique use cases, benefiting the entire community.
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.