US-based banking software provider Moov has raised $27m in series A funding from investors including credit union Veridian and Gradient Ventures, internet technology provider Google’s artificial intelligence fund.
The round was led by venture capital firm Andreessen Horowitz and also featured Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, Abstract Ventures, Canapi Ventures, Commerce Ventures, RRE Ventures, Uncorrelated Ventures and 27 angel investors including Gokul Rajaram.
Moov was founded in 2017 and has developed an open-source infrastructure platform for software developers working at banks, financial technology providers, credit unions and software producers.
The platform can be used by developers to embed basic financial service tools into their software, thus making it easier for businesses to send, receive and store money on their customers’ behalf.
The company said it will use the proceeds of the new round to develop its enterprise software further and increase headcount.
Moov collected $5.5m in an August 2020 seed round led by Bain Capital Ventures that was also backed by Gradient Ventures, Veridian, Canapi Ventures, Commerce Ventures, RRE Ventures, Uncorrelated Ventures and undisclosed angel investors.