Moov Financial, a Cedar Falls, Iowa-based fintech company, raised $27M in Series A funding.
The round was led by Angela Strange and Peter Levine at a16z, with participation from Gokul Rajaram in addition to existing investors Bain Capital, Canapi Ventures, Uncorrelated Ventures, Gradient Ventures, Commerce Ventures, RRE Ventures, Abstract Ventures, Veridian Credit Union, and 27 angel investors. In conjunction with the funding, Angela Strange, General Partner at a16z, and Matt Harris, Partner at Bain Capital Ventures, are joining Moov’s board.
The company intends to use the funds to expand its team, further develop its enterprise offerings, and double-down on setting the standard for open collaboration on financial protocols.
Created by Wade Arnold and Bob Smith, veteran fintech founders of Banno (acquired by Jack Henry), Moov provides an open source platform that allows banks and 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 standard for embedded payments infrastructure offered publicly.
The Seris A followed the raise of a $5.5M seed led by Bain Capital.