Moov Financial, the US-based open source embedded banking platform, has raised $5.5 million in seed funding.
Led by Bain Capital Ventures, the funding round also saw participation from five other venture capital firms and 27 angel investors.
Veridian Credit Union also participated in the round after signing an agreement for use of Moov’s developer-led open source platform, which allows companies to quickly deploy basic financial service solutions to seamlessly receive funds, store value and remit payments.
The seed funding enables Moov to continue to build the community, expand its engineering team, and deepen partnerships and enterprise agreements.
Commenting on the investment, Matt Harris, partner at Bain Capital Ventures, said: “The industry has been looking for an experienced team with the expertise and ability to build industry consensus around the common need for a modern, portable, embedded money movement infrastructure. I am confident that Moov has the team to accomplish this task.”
Maria Palma, principal at RRE Ventures, added: “As the financial services industry adapts to an open source-first movement, we must build and invest in solutions that benefit all participants with transparent, community-driven solutions. I’m delighted to partner with the Moov team as they redefine the basic building blocks of money movement.”
Wade Arnold, founder and chief executive officer of Moov, 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.”
“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.”