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Moov raises $27m for open source banking platform

Moov raises $27m for open source banking platform

Moov Financial, the US startup behind an open source embedded banking platform, ha raised $27 million in a Series A funding round led by 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 oversubscribed round.

Founded by fintech veterans Wade Arnold and Bob Smith in 2017, 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.

HMBradley, Bank Novo, Linden Lab, and BillGO are among the firms already using and contributing to Moov's open-source libraries.

The new funding will be used for hiring, developing the enterprise offerings, and doubling down "on setting the standard for open collaboration on financial protocols".

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Comments: (1)

Yahya Mohamed Mao
Yahya Mohamed Mao - Scientya.com - Switzerland 09 December, 2020, 08:58Be the first to give this comment the thumbs up 0 likes

OpenBankProject seems to offer a similar platform if I'm right. Accoridng to their website, they have been developing pioneering Open Banking concepts and technology since 2010. I'm interested to know and understand more about the USP of Moov. "developer-first approach of being open source, portable to cloud providers or on-premises, modular for customisation, and decoupled from any single bank program", this sounds quite impressive though!

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