Moov Financial, an open source embedded banking platform, has raised $5.5M in seed funding led by Bain Capital Ventures, with participation from Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, and 27 angel investors. Veridian Credit Union also participated in the round after signing a strategic partnership agreement.
Based in Cedar Falls, Moov’s open source platform allows companies to quickly deploy basic financial service solutions to seamlessly receive funds, store value, and remit payments.
This round of funding will allow Moov to continue to build its community, expand its engineering team, accelerate its product roadmap, and deepen partnerships and enterprise agreements.
“Iowa’s rich tradition in insurance and financial services, coupled with the state’s great business climate, make it the perfect place for startups such as Moov to put down roots and to grow and innovate,” said Debi Durham, Director of the Iowa Economic Development Authority and Iowa Finance Authority. “I’m proud that Moov is choosing to build right here in Iowa, where fintech companies are having an impact on a national and global scale.”
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.
After spending a decade building new technology platforms on legacy banking infrastructure, 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.
“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.”
Arnold previously founded fintech company Banno, originally called T8 Webware, in Cedar Falls in 2008. Banno was acquired by Jack Henry & Associates in 2014.