Fintech Veterans succeed in raising $27m in series A funding
The US startup, Moov Financial, was a super hit amongst the investors in the Series A funding round led by a16z. The round attracted serious attention from all significant ventures as the startup was founded by fintech industry veterans Wade Arnold and Bob Smith.
Moov Financial is a startup that is focused on open source embedded banking; it is based in Iowa and works on delivering a seamless experience while sending, receiving, and storing money. All the investors appreciated this idea, and the series A funding round was oversubscribed.
Bain Capital, Abstract Ventures, Commerce Venture, Gradient Ventures, Gokul Rajaram, Veridian Credit Union, Uncorrelated Ventures, and 27 others participated in the Series A round. Three months ago, Moov Finances had announced a successful seed round accounting for $5.5 million led by Bain Capital Ventures.
The funding sourced from this round will be used to hire, strategize, and develop new enterprise features and to double the clientele. The payment from previous rounds helped fastrack the development of a modern payment base and integrate other fintech services and products to simplify and boost their financial solutions' effectiveness.
Moov is focused on developing this product in as customizable manner as possible, and they are emphasizing developer-centric options, so regardless of which functions clients want to implement in their organization, they can just pinpoint and integrate it in their system.
Historically, shifting from a database to another or from one system to another was a tedious task. However, today, with all the development in cloud technology, the code architects can directly look at the current protocols' code and contribute to new ideas or develop unique and standout features.
Post the series A round Moov team stated how highly revolutionary their vision is and how the funds raised would be put to an absolutely critical cause; they will hereafter focus on developing vital payment infrastructure. Moov team also thanked their partners and investors for their strong support in turning their vision into reality.