Moov bags $27m Series A just months after closing its seed round

Moov Financial has closed a $27m Series A round, which comes just three months after it closed its $5.5m seed round.

The capital injection was led by Angela Strange, Peter Levine, Seema Amble and venture capital firm a16z. Other contributions came from Gokul Rajaram and previous Moov backers Abstract Ventures, Bain Capital Ventures, Canapi Ventures, Commerce Ventures, Gradient Ventures, RRE Ventures, Uncorrelated Ventures and Veridian Credit Union.

There were also an additional 27 angel investors participating in the round.

With the round closed, the company plans to deepen its team, enhance its offerings and increase its collaboration efforts on building financial protocols. It will also increase the development of its payment primitives and introduce financial institutions servicing FinTechs and software companies across industries.

The FinTech offers an open-source platform for embedding banking services within any platform. Its API-based services include easy onboarding, enabling customers to verify users identities.

In a blog post announcing the funding, Moov founder and CEO Wade Arnold said, “From banking to integrated payments, Moov empowers developers with developer-first code that’s modular, portable, and bank agnostic. We’re creating a future that allows financial institutions and companies of any size (a fintech, SaaS, marketplace, or startup) deploying financial services to implement just the components they need to improve their systems and continue developing custom solutions.”

The FinTech previously raised $5.5m in its seed round just three months ago. Bain Capital Ventures led the round.

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