January 20, 2021

Moov Financial raises $27m in Series A funding round

Open source platform, Moov Financial, has raised $27 million in a Series A funding round led by venture firm a16z.

Moov has raised $32.5 million since 2017

The round featured participation from existing investors Bain Capital, Canapi Ventures, Uncorrelated Ventures, and Gradient Ventures.

Angela Strange, General Partner at a16z, and Matt Harris, Partner at Bain Capital Ventures, are joining Moov’s board.

Moov plans to use its new capital to boost its team and develop its enterprise software offerings.

The firm claims its systems allow banks to “quickly deploy basic financial service solutions”.

Moov started as an open-source movement in 2017 from Wade Arnold and Bob Smith, veteran fintech founders of Banno (acquired by Jack Henry).

The Series A is Moov’s second funding round, after an August seed round which brought in $5.5 million.

Matt Harris, partner at Bain Capital Ventures, said back during the seed round that the industry has been looking for a “common need for a modern, portable, embedded money movement infrastructure”.

Related: Retail rewards platform Fetch raises $80m in venture funding