Total amount raised
$77.5 Million
Latest funding date
01/01/2023
Location
Moov has successfully raised funding through three rounds, with Commerce Ventures and Visa among its most recent investors. The company offers a comprehensive payment platform designed to streamline the entire money movement process for technical teams.
Keep reading to explore the intricacies of Moov's fundraising journey and the investors backing this innovative platform.
What Is Moov?
Moov is a fintech company based in Cedar Falls, Iowa, providing a comprehensive payment platform designed for technical teams. The company operates within the finance, financial services, fintech, and software industries.
With an employee count ranging between 51-100, Moov offers flexible payment infrastructure to help businesses grow. The platform allows businesses to accept, store, send, and spend money through a single integration and legal agreement, emphasizing transparency and data synchronization.
How Much Funding Has Moov Raised?
- Seed Round
- Amount Raised: USD 5,500,000
- Date: August 2020
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and growth of Moov's open-source library and community, helping developers integrate payments into their products.
- Series A Round
- Amount Raised: USD 27,000,000
- Date: December 2020
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop Moov's full-stack payment solution and expand its integrations with essential payment rails, including major card brands, The Clearing House, and the Fed.
- Series B Round
- Amount Raised: USD 45,000,000
- Date: January 2023
- Lead Investors: Commerce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refine Moov's platform, address new payment use cases, and scale their operations. The funding will also support the hiring of more developers and the continuation of their fintech_devcon event.
Total Amount Raised: USD 77,500,000. Current Valuation: Not publicly disclosed.
Key Investors
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in early-stage technology companies. Dan Rosen, founder and partner of Commerce Ventures, is associated with Moov's investment.
- Investment Focus Areas: Fintech, retail, insurance, commerce-related technologies.
- Notable Investments: Bill.com, Marqeta, MX.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm that invests in both early-stage startups and established growth companies. Angela Strange, a general partner at Andreessen Horowitz, will join Moov’s board.
- Investment Focus Areas: Technology, healthcare, fintech, consumer sectors.
- Notable Investments: Facebook, Airbnb, Coinbase.
- Bain Capital Ventures (BCV)
- Details: Bain Capital Ventures is the venture capital division of Bain Capital, investing in seed to growth-stage companies. Matt Harris, a partner at Bain Capital Ventures, will join Moov’s board.
- Investment Focus Areas: Technology, fintech, healthcare, consumer sectors.
- Notable Investments: LinkedIn, DocuSign, AvidXchange.
- Visa
- Details: Visa is a global payments technology company that facilitates electronic funds transfers worldwide. Visa has been a partner since Moov won the Visa Everywhere Initiative in 2021.
- Investment Focus Areas: Electronic payments, financial technology, payment processing.
- Notable Investments: Square, Stripe, Plaid.
- Sorenson Ventures
- Details: Sorenson Ventures is a venture capital firm that invests in early-stage enterprise software and security companies.
- Investment Focus Areas: Enterprise software, security.
- Notable Investments: Cloudflare, CyCognito, BigID.
What's Next for Moov?
Moov is poised to capitalize on several significant opportunities, including refining its platform, expanding into new payment use cases, and scaling its operations. The company aims to simplify and consolidate access to money inflows, storage, and outflows via a cloud-native API, enhancing user onboarding and payment workflows. With a recent $45 million Series B funding round, Moov is well-positioned to grow its customer base and developer community.
Future fundraising opportunities appear promising, given the successful Series B round and the involvement of high-profile investors. Moov's growth trajectory and strategic plans suggest potential for additional funding rounds or even an IPO. The company’s innovative approach and strong investor backing make it an attractive candidate for future investments.
However, Moov faces challenges such as ensuring security and scalability in a cloud-native environment, navigating regulatory requirements, and competing in a rapidly evolving fintech industry. The economic environment, marked by inflation and geopolitical tensions, also poses hurdles. Despite these challenges, Moov's strategic vision and robust platform position it well for continued success.
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