Moov Financial has raised $45 million in Series B to expand its money movement platform.
The funding round was led by Commerce Ventures, with participation from Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures. The new capital will be used to grow both the platform and its utilization by customers.
“We are grateful that Commerce Ventures and our other investors share our vision of building the future of money movement,” said Moov CEO and Co-Founder Wade Arnold in a press release. “In a cloud-native world, security, scalability, and data transparency are paramount and this investment helps us scale our platform and expand into new use cases.”
Moov’s Series B round follows the company’s becoming a net new U.S.-licensed acquiring processor, issuer and program manager, according to the press release.
The company raised $27 million in a Series A funding round in Dec. 2020.