Moov Financial raises $27 million in Series A funding

Moov Financial, an open source embedded banking platform, has raised $27 million in a Series A funding round led by Andreessen Horowitz (known as “a16z”).

Gokul Rajaram, Abstract Ventures, Bain Capital, Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, Veridian Credit Union, and 27 angel investors joined the round.

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. The company was founded by Wade Arnold and Robert Smith in 2017.

“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,” wrote Arnold in an announcement of the raise. “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.”

The company is currently hiring for more than a dozen engineering, design and sales positions.

In a blog post explaining a16z’s investment in Moov, Angela Strange and Peter Levine wrote, “Wade and Bob have surrounded themselves with a team of industry veterans. We know there’s something special about a founding team when former colleagues quickly and unwaveringly join the journey under its leadership. The “Moovment” has already attracted more than a thousand  payments engineers to an active community, and they are just getting started.”

The Series A Round comes on the heels of a $5.5 million seed round that the company announced in August.

Arnold and Smith previously founded fintech company Banno, originally called T8 Webware, in Cedar Falls in 2008. Banno was acquired by Jack Henry & Associates in 2014.

Previous coverage

Moov Financial Raises $5.5 Million Seed Round -Aug. 18, 2020