FinTech firm Moov Financial has scored $45m in a Series B funding round led by Commerce Ventures.
The round also saw participation from Andreessen Horowitz, Visa, Sorenson Ventures, Bain Capital Ventures.
Founded in 2018, Iowa-based Moov provides a platform for developers looking to embed payment functionality into their software.
The firm claims it takes the complexity out of the process so developers and product teams can focus on their customers and deliver exceptional user experiences—not worrying about banking protocols, security, or compliance.
This investment comes after a significant milestone for Moov which became a net new US-licensed acquiring processor, issuer and program manager.
Investors expressed excitement about how Moov’s unique wallet and ledger structure helps clients automate workflows, streamlining payments and reconciliation.
Additionally, the firm claims investors were impressed with its dashboard and drop-in web components called Moov Drops, which improve onboarding and help B2B companies get user experiences up and running faster.
Moov co-founder and CEO Wade Arnold said, “We are grateful that Commerce Ventures and our other investors share our vision of building the future of money movement. In a cloud-native world, security, scalability, and data transparency are paramount and this investment helps us scale our platform and expand into new use cases.”
Last year, Currencycloud teamed with Moov in order to bolster payment capabilities for each other’s customers.
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