Total amount raised
$77.5 Millions
Latest funding date
Location
Moov has successfully raised funds through multiple rounds, with the last funding round being a Series B that closed on January 31, 2023. The company is backed by 37 investors, including notable names like Commerce Ventures and Visa.
Keep reading to explore the intricacies of Moov's fundraising journey and the investors backing this innovative platform.
What Is Moov?
Moov, founded on January 9, 2017, is a fintech company based in Cedar Falls, Iowa. The company was established by Robert Smith and Wade Arnold.
Operating in the finance, financial services, fintech, and software industries, Moov employs between 51 and 100 people. The company provides a flexible payment infrastructure designed to help businesses grow by handling the entire money movement process.
How Much Funding Has Moov Raised?
- Seed Round
- Amount Raised: $5.5M
- Date: August 2020
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the initial development and community-building efforts around Moov's open-source library and payment integration tools.
- Series A
- Amount Raised: $27M
- 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.
- Series B
- Amount Raised: $45M
- Date: January 2023
- Lead Investors: Commerce Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refine the platform, address new payment use cases, scale operations, and hire more developers to support the company's growth and mission of simplifying modern commerce experiences.
Total Amount Raised: $77.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in early-stage technology companies. They focus on innovations in the commerce ecosystem.
- Investment Focus Areas: Fintech, retail technology, insurance tech
- Notable Investments: Bill.com, Marqeta, Socure
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a private venture capital firm that backs bold entrepreneurs building the future through technology. They invest in both early-stage startups and established growth companies.
- Investment Focus Areas: Software, consumer, enterprise, bio/healthcare, crypto, fintech
- Notable Investments: Facebook, Airbnb, Coinbase
- Bain Capital Ventures
- Details: Bain Capital Ventures (BCV) is the venture capital division of Bain Capital, investing in seed to growth-stage startups. They focus on technology-driven companies across various sectors.
- Investment Focus Areas: Fintech, healthcare, enterprise software
- Notable Investments: LinkedIn, DocuSign, AvidXchange
- Visa
- Details: Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories. They facilitate electronic funds transfers through Visa-branded credit cards, debit cards, and prepaid cards.
- Investment Focus Areas: Payment technology, financial services, fintech innovations
- 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. They focus on helping companies scale and succeed in their respective markets.
- Investment Focus Areas: Enterprise software, security
- Notable Investments: CyCognito, CloudKnox, Salt Security
What's Next for Moov?
Moov is poised to capitalize on significant opportunities in the fintech space. With a robust $45 million Series B funding round, the company plans to refine its platform, address new payment use cases, and scale operations. The backing from high-profile investors like Visa and Andreessen Horowitz underscores the vast potential for growth and market penetration.
Future fundraising opportunities seem promising as Moov continues to innovate and expand its offerings. The company's focus on security, scalability, and data transparency aligns well with industry trends, making it an attractive candidate for further investment. However, challenges such as maintaining compliance, ensuring security, and competing with established players remain.
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