• Moov landed $45 million to refine its API that creates a modern payment stack.
  • Commerce Ventures led the round. Additional contributors include Andreessen Horowitz, Bain Capital Ventures, Visa, and Sorenson Ventures.
  • Moov’s total funding now sits at $77.5 million.

Modern money movement innovator Moov is going places. The Iowa-based company landed $45 million in a Series B financing round, bringing its total raised to $77.5 million.

As far as the company’s plans for the new funds, Moov Founder and CEO Wade Arnold said, “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…”

Moov will also use today’s funding to fuel its conference that fosters collaboration in the developer community. The company’s fintech_devcon event takes place once a year to share fintech building deep dives, best practices, and new ideas.

Arnold founded Moov in 2017 to offer a simpler way to move money. The company creates a cloud-based API that creates a modern payment stack that includes acquiring, ledgering, issuing, and disbursements. Since launch, Moov has built integrations to all major card brands, The Clearing House, and the Fed. The company won the Visa Everywhere Initiative in 2021 and was recently ranked on Built In’s list of top 50 fully remote startups and Purpose Job’s Best Remote Places to Work in 2023.

Understanding the impact Moov’s money movement platform has had in the fintech community, doesn’t even require a visit to the company’s website. The list of investors in today’s round– which was led by Commerce Ventures– includes big names such as Andreessen Horowitz, Bain Capital Ventures, Visa, and Sorenson Ventures. What’s more, Moov closed this Series B round in the midst of a difficult funding environment. While many fintechs have been able to close Seed rounds and even some Series A rounds, VCs have typically holding back on later stage rounds.

Photo by Karolina Grabowska

Source: https://finovate.com/moov-lands-45-million-in-series-b-funding-to-modernize-money-movement/