Participated · Series A · Dec 2020

Moov Financial provides an open-source platform that allows banks, credit unions, SaaS companies, and fintech providers to deploy basic financial service solutions to receive funds, store value, and remit payments. Its protocols offer a public standard for embedded payments infrastructure. The company was founded by Wade Arnold and Bob Smith, veterans of Banno (acquired by Jack Henry), and is based in Cedar Falls, Iowa. Moov intends to use new funding to expand its team and further develop its enterprise offerings. The company plans to double-down on setting the standard for open collaboration on financial protocols. Financially, Moov has completed a $27M Series A following a $5.5M seed led by Bain Capital. Moov Financial offers a portable, extensible open-source platform for embedding banking services within applications, taking a developer-first approach. The platform is designed to be portable to cloud providers or on-premises, modular for customization, and decoupled from any single bank program. Moov reports hundreds of developers engaged in its community and increasing demand for enterprise solutions. Its open-source protocols are positioned as a de facto standard for embedded payments infrastructure offered publicly. The company plans to use new funding to build the community, expand its engineering team to accelerate the product roadmap, and deepen partnerships and enterprise agreements. Wade Arnold, Founder and CEO, framed Moov as part of a broader shift from proprietary fintech solutions to community-led open-source projects.