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.
CEDAR FALLS, Iowa (PRWEB) August 18, 2020
Moov Financial, the open source embedded banking platform, today announced it has raised $5.5 million in seed funding led by Bain Capital Ventures, with participation from Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, and 27 influential angel investors including Zach Bruhnke, Brandon DeWitt, Sima Gandhi, William Hockey, Brian Kelly, Mengxi Lu, Charley Ma, Calanthia Mei, and Emily White. Veridian Credit Union also participated in the round after signing a strategic partnership agreement. 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,” said Matt Harris, partner at Bain Capital Ventures. “I am confident that Moov has the team to accomplish this task.”
“As the financial services industry adapts to an open source-first movement, we must build and invest in solutions that benefit all participants with transparent, community-driven solutions. I’m delighted to partner with the Moov team as they redefine the basic building blocks of money movement,” said Maria Palma, principal at RRE Ventures.
Built by industry veterans with experience in digital banking, core banking, fintech, and payments, Moov is rebuilding banking infrastructure for a cloud-native world without any legacy technology dependencies. 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 customization, and decoupled from any single bank program. Moov 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.
“Moov operates independently from traditional core banking systems, offering banks and credit unions the ability to collaborate and develop new fintech solutions. Rather than displacing branch systems, Moov-enabled institutions serve SaaS companies and fintechs with the latest technology protocols, benefiting all parties involved,” said Steven Hufford, senior managing director and chief operating officer of Raymond James Investment Banking.
After spending a decade 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. These components empower SaaS companies, digital banks, and fintechs to directly embed financial transaction capabilities within their product offerings, or leverage Moov to power additional infrastructure not provided by legacy offerings. Financial institutions including banks, credit unions, fintech platforms, and large enterprises are seeking to become “Moov-enabled” to deliver seamless financial experiences for their users.
“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,” said 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.”
“Moov’s set of open source libraries demystifies low-level financial protocols and is built developer-first from the ground up,” said William Hockey, co-founder of Plaid.
This round of funding enables Moov to continue to build the community, expand its engineering team to accelerate the product roadmap, and deepen partnerships and enterprise agreements. To learn more about Moov’s ACH, Fedwire, Check21, KYC, OFAC, and the other 34 GitHub projects, please contact firstname.lastname@example.org or visit http://www.moov.io.
About Moov Financial
Moov’s open source platform allows banks and credit unions, SaaS companies, and fintech providers to quickly deploy basic financial service solutions to seamlessly receive funds, store value, and remit payments. Our protocols offer the first de facto standard for embedded payments infrastructure offered publicly. Moov’s investors include Bain Capital Ventures, RRE Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, Uncorrelated Ventures, and Veridian Credit Union.
About Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth in startups driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid, and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in San Francisco, New York, Boston, and Palo Alto. Follow the firm via LinkedIn and Twitter.