US-based open-source embedded banking platform provider Moov Financial has raked in $5.5m in seed round to accelerate its growth.
The funding round was led by Bain Capital Ventures and saw participation from Canapi Ventures, Commerce Ventures, RRE Ventures, Uncorrelated Ventures, and Gradient Ventures.
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A total of 27 angel investors including Brandon DeWitt, Sima Gandhi, William Hockey, Brian Kelly, Mengxi Lu, Zach Bruhnke, Calanthia Mei, Emily White, and Charley Ma joined the round.
The Veridian Credit Union also inked a strategic partnership agreement with Moov and participated in the funding round.
Moov intends to use the fresh capital to fund its engineering team to boost its product roadmap and deepen partnerships and deals.
Moov founder and CEO Wade Arnold said: “Seamless banking services have become a consumer expectation for technology companies in the same way the internet, cloud, and mobile have done in the past.
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By GlobalData“We see history being repeated in fintech where proprietary solutions were first to market and subsequently replaced by community-led efforts surrounding open source projects.”
Moov’s open source banking platform allows companies to deploy financial service solutions to send or receive payments with ease.
Its banking-as-a-service (BaaS) platform is customizable and portable to cloud or on-premises.
