Moov Financial announces a $45 million Series B round of funding. The round was led by Commerce Ventures with participation from Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures.
"This significant and strategic funding round recognizes Moov's differentiated full-stack approach to powering payments," said Dan Rosen, Founder and General Partner at Commerce Ventures. "By simplifying and consolidating access to money inflows (acquiring), storage (ledgering) and outflows (issuing, disbursements) via a cloud-native API, Moov is revolutionizing the way software businesses handle complex, multi-party payment flows."
"Moov has done the hard work of building direct integrations to major payment rails, which allows it to offer its customers an all-in-one processing platform," said Head of Visa Ventures David Rolf. "This increases the programmability and speed of disbursements and simplifies its customers' payment stacks. We are excited to partner with Moov to continue to innovate the future of global money movement."
This investment comes after a significant milestone for Moov which became a net new US-licensed Acquiring Processor, Issuer and Program Manager. Moov's bare-metal approach to reimagining e-commerce includes direct connections to all the major card brands, The Fed and The Clearing House. Investors expressed excitement about how Moov's unique wallet and ledger structure helps clients automate workflows, streamlining payments and reconciliation. Additionally, investors were impressed with Moov's dashboard and drop-in web components called Moov Drops, which improve onboarding and help B2B companies get user experiences up and running faster.
"We are grateful that Commerce Ventures and our other investors share our vision of building the future of money movement," said Moov CEO and Co-Founder Wade Arnold. "In a cloud-native world, security, scalability, and data transparency are paramount and this investment helps us scale our platform and expand into new use cases."