Moov Financial, a three-year-old Cedar Falls, Iowa-based startup, has been pretty busy recently. Just three months ago, the fintech company rounded its first major milestone as it announced a $5.5M seed round led by Bain Capital Ventures.
Most recently, Moov announced a $27M Series A funding round on December 4. The round was led by Angela Strange, Seema Amble, Peter Levine and the team at a16z, with participation from Gokul Rajaram and existing investors: Abstract Ventures, Bain Capital Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures, Veridian Credit Union, and 27 angel investors. Moov has raised an accumulative $32.5M in funding to date.
“We will use the funds to expand our team, further develop our enterprise offerings, and double-down on setting the standard for open collaboration on financial protocols,” explained founder and CEO Wade Arnold in a press release. “We’ll fast-track our development of other payment primitives and introduce financial institutions servicing fintech and software companies across industries to the ways Moov can simplify and improve their financial products.”
Moov Financial is a portable, extensible, open-source platform that allows users to embed banking services within any application. With Moov, developers can implement solutions in a single day, rather than reading outdated PDF’s to build financial protocols from the ground up. Moov is also responsible for building an inclusive Slack community where developers are free to share ideas, ask questions and ultimately learn from each other. According to the company’s founder, over 1,000 individuals use the Slack community and companies such as HMBradley, Bank Novo, Linden Lab, and BillGO use the channel and contribute to the company’s open-source libraries.
“From banking to integrated payments, Moov empowers developers with developer-first code that’s modular, portable, and bank agnostic,” explained Arnold, in a press release. We’re creating a future that allows financial institutions and companies of any size (a fintech, SaaS, marketplace, or startup) deploying financial services to implement just the components they need to improve their systems and continue developing custom solutions.”
Moov Financial started in 2017 as a way to lend a trusted hand to developers working to build or integrate financial products. “After more than 15 years of experience developing solutions in digital banking, core banking, and payments, we knew that banking infrastructure could be better,” said founder and CEO Arnold in a press release. “We knew that sending, receiving, and storing money could be simpler. We knew that in a cloud-native world, security, portability, and flexibility are everything. And we whole-heartedly believe in community. So, we created Moov as an open-source platform.”
Moov’s founder and CEO Wade Arnold graduated from the University of Northern Iowa in 2001 with a Bachelor of Science in computer science and obtained his MBA (accounting and business management) from the University of Iowa in 2007. Shortly thereafter, Arnold attended the University of Pennsylvania and obtained a graduate degree in banking and financial support services. Before Moov Arnold spent almost four years with BillGO and over five years with Standard Byke Co.