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Moov Announces $27M Series A Funding Round

Moov Announces $27M Series A Funding Round

Moov founded in 2017 to lend a trusted hand to building financial products announced a new round of funding. After more than 15 years of experience developing solutions in digital banking, core banking, and payments, team has developed expertise in improving banking infrastructures; with solutions that can enable better sending, receiving, and storing of money; the Moov open-source platform allows developers to implement solutions in a single day, rather than frantically reading outdated PDFs to build financial protocols from the ground up.

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Moov has fostered an inclusive Slack community where developers can share ideas, ask questions, and learn from each other. The group has continued to grow as users working at large financial institutions, neobanks, and fintechs of all sizes have turned to Moov’s libraries in constructing financial products and solving challenges. Over 1,000 individuals engage Moov’s Slack community, and companies like HMBradley, Bank Novo, Linden Lab, and BillGO use and contribute to their open-source libraries.

Three months ago, Moov rounded their first huge milestone as they announced a $5.5 million seed round led by Bain Capital Ventures. Today, they have announced their 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 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.

Moov will use the funds to expand their team, further develop enterprise offerings, and double-down on setting the standard for open collaboration on financial protocols.

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From banking to integrated payments, Moov empowers developers with developer-first code that’s modular, portable, and bank agnostic.

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, offers another path that ushers in the future of cloud-native banking.

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