Moov raises $27M in a16z-led Series A as embedded finance space heats up

▤ Summary

Moov Financial, which has developed a portable open-source platform for embedding banking services, announced this morning it has raised $27 million in an “oversubscribed” Series A funding round led by a16z (also known as Andreessen Horowitz). Moov wants to give these companies the ability to integrate transactional banking tools and services directly into their apps or business solutions “We’re creating a future that allows financial institutions and companies of any size deploying financial services to implement just the components they need to improve their systems and continue developing custom solutions,” CEO and co-founder Wade Arnold wrote in a blog post this morning. “ This funding news is particularly interesting considering that on Thursday, Stripe announced that it was shifting from being a payments infrastructure provider to now also wanting to help companies of all sizes with their banking needs via Treasury, its new banking-as-a-service API. We would like to think that Stripe could have leveraged Moov if we existed when they started.” In their own blog post, a16z’s Angela Strange and Peter Levine write that financial services have experienced “very little change for a century until the past decade – when an explosion of fintechs began unbundling the bank with “best-in-class point solutions.” The pair describe Moov as a provider of open source financial services building blocks (or open source banking primitives-as-a-service). “Moov is taking an inside-out approach, rebuilding the most fundamental primitives in modern Go libraries and wrapped in REST—including ACH, wires, RTP, OFAC, and a ledger for stored balance—and open sourcing them,” the pair wrote.

$ Funding

▦ Linked Companies

GitHub, Inc.

$1M to $5M