US payments platform Moov lands $45m Series B
Moov, an open source platform enabling users to integrate payments into their products, has raised $45 million in Series B funding.
Moov lands $45m Series B
The round was led by Commerce Ventures and saw participation from Andreessen Horowitz, Bain Capital Ventures, Visa and Sorenson Ventures.
Announcing Moov’s $45 million Series B, the firm’s co-founder and CEO Wade Arnold says the new funding “will help us refine our platform, address new payments use cases, and scale everything we’ve built so far”.
Arnold says the firm also intends to hire new talent and focus on its “community of builders”.
In December 2020, Moov raised $27 million in a Series A funding round led by venture firm a16z, after an August seed round which brought in $5.5 million.
Since then, Arnold explains how Moov, borne out of an open source library designed to help developers build and embed financial services, now has integrations with all the “essential payment rails”, including every major card brand, The Clearing House and the Fed.
The platform leverages a cloud-native API and consolidates acquiring, ledgering, issuing and disbursements, “creating a simpler way to meet the current and future needs of companies looking to create modern commerce experiences”.
