Moov Financial, the US startup behind an open source embedded banking platform, has raised $5.5 million in a seed funding round led by Bain Capital Ventures.
Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, and a slew of angel investors joined the round along with Veridian Credit Union which has also inked a partnership deal with Moov.
Founded by fintech veterans Wade Arnold and Bob Smith in 2018, Iowa-based Moov creates open-source infrastructure that makes is easier for businesses to send, receive and store money for their customers.
The firm says it is rebuilding banking infrastructure for a cloud-native world without any legacy technology dependencies. Its banking-as-a-service platform takes a developer-first approach of being open source, portable to cloud providers or on-premises, modular for customisation, and decoupled from any single bank program.
The new funding will be used to expand Moov's engineering team to accelerate the product roadmap, and pursue partnerships and enterprise agreements.
“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,” says Arnold. "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.”