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Moov Financial raises $5.5m for open source banking platform

Moov Financial, the Iowa-based startup that creates open-source infrastructure making it is easier for businesses to send, receive and store money for their customers, has raised $5.5 million in a seed funding round led by Bain Capital Ventures.

The new funding will be used to expand Moov's engineering team, accelerate the product roadmap and pursue new partnerships and agreements according to a report in Finextra.

Moov's banking-as-a-service platform has a developer-first approach of being an open source that's portable for cloud providers or on-premises and modular for customization and decoupled from any single bank program.

"Seamless banking services have become a consumer expectation for technology companies in the same way the internet, cloud, and mobile have done in the past," co-founder of Moov and fintech veteran, Wade Arnold said in the report. "We see history being repeated in fintechs where proprietary solutions were first to market and subsequently replaced by community-led efforts surrounding open source projects."