Fintech Moov Secures $45M via Series B Round

Wade Arnold, founder and CEO at Moov, notes that when it started in Fintech, it wasn’t commonly called Fintech yet.

They just called it financial services back then. In that previous life, he spent a lot of time connecting “to processors, and a lot of banking cores—42 of them.” And all those hours working on integrations got him wondering, “How do you build a modern payment stack?”

Thus, the inception of Moov.

He added:

“With the right infrastructure, we knew money movement could be simpler. In 2017, we started an open source library and amassed a community to help developers learn how to build and integrate payments into their products. From there, we started building our full-stack approach to powering payments.”

He also mentioned:

“And as it turns out, other people believed in our vision. By October 2020, we received a $5.5 million seed round. And before the end of the year, we were able to announce our $27 million Series A round of funding. We’ve come a long way since then.”

With the support of their investors and an impressive team, they’ve built integrations “to all the essential payment rails, including every major card brand, The Clearing House, and the Fed.”

As noted in the  update, they’ve even “become a net new US-licensed Acquiring Processor, Issuer, and Program Manager—which is an incredible team accomplishment in two and a half years.”

To boil it down, their cloud-native API and consolidated approach to acquiring, ledgering, issuing, and disbursements is progress against that mission of, “How do you build a modern payment stack?”

They’re creating “a simpler way to meet the current and future needs of companies looking to create modern commerce experiences.”

The announcement further noted:

“All of this—not to mention our global win of the Visa Everywhere Initiative in 2021— helped validate we’re on the right track. It is with extreme gratitude that we announce our $45M Series B funding led by Commerce Ventures with participation from Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures.”

The team added:

“We couldn’t be happier to have this support because, while we’ve done a lot in a short time, our journey has just begun. This new round of capital will help us refine our platform, address new payments use cases, and scale everything we’ve built so far. We’re a small and mighty team, so we’re looking forward to onboarding even more talented people (and, yes, we are definitely hiring developers).”

In addition to enhancing their platform, they’ll continue focusing on their community of builders.

In 2021, they set out “to create fintech_devcon, the flagship event for fintech developers.”

The event brings together “the brightest builders across the fintech ecosystem in order to democratize the once-walled gardens of payments, compliance, finance, and more.”

They’ve recently announced their third annual fintech_devcon in Austin, Texas and they hope you’ll join them August 23-25 as they “share fintech-building deep dives, how-tos, shortcuts, fixes, best practices, and wild ideas.”

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