Moov raises USD 45 mln in Series B funding

Wednesday 1 February 2023 15:15 CET | News

US-based developer platform Moov has raised USD 45 million in a Series B round of funding led by Commerce Ventures to further develop its payments infrastructure.


As detailed in the announcement, the round also had participation from Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures, and following this funding, Moov is set to continue to build and grow a modern, user-friendly payments interface.

Moov’s offering and strategy

Based on information provided in the press release, the investment comes after significant milestone for the company, that of having become a net new US-licensed acquiring processor, issuer, and programme manager as of July 2022.

The company’s bare-metal approach towards the reimagining of ecommerce includes direct connections to all major card brands, The Fed, and The Clearing House. What is more, Moov’s wallet and ledger structure enables clients to automate workflows and simplify payments and reconciliation.

Furthermore, investors noticed the capabilities of Moov’s dashboard and drop-in web components, Moov Drops, which aim to improve onboarding and help B2B companies get user experiences up and running in an expedited manner.

US-based developer platform Moov has raised USD 45 million in a Series B round of funding led by Commerce Ventures to further develop its payments infrastructure.

When commenting on the announcement, Commerce Ventures officials advised that the significant and strategic funding round is a recognition of Moov’s differentiated full-stack approach to powering payments. They continued with stating that by simplifying and consolidating access to money inflows (acquiring), storage (ledgering) and outflows (issuing, disbursements) via a cloud-native API, the company is chasing the way in which software business handle complex, multi-party payment flows.

Visa Ventures representatives added that the company has worked towards building direct integrations to major payment rails, which enabled it to provide to its customer base an all-in-one processing platform. This is believed to help increase the programmability and speed of disbursements, as well as to help simplify its customers’ payments stack, and Visa is looking forward to partnering with Moov and continue ‘to innovate the future of global money movement’.

Moov spokespersons also commented on the announcement and advised that in a cloud-native world, security, scalability, as well as data transparency are paramount, and the investment is believed to help the company with scaling their platform and expanding into new use cases.

As per information provided in the press release, Moov helps simplify the acceptance, storage, sending, and spending of money through a single platform. Apart from having direct connections to The Clearing House, Fed, and all major card brands, Moov also handles user onboarding, licensing, programme management, and compliance looking to enable business to spend less time decoding payments and to focus on building for their customers. The company supports a network of developers with open-source libraries, as well as a growing Slack community, and has a fully remote team that spans 25 states and 3 countries.

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Keywords: funding, payments , online platform, Acquirer, Issuer, ecommerce, B2B payments, API, spend management, omnichannel, compliance
Categories: Payments & Commerce
Companies: Moov
Countries: United States
This article is part of category

Payments & Commerce


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