Moov Financial has announced a Series B funding round of $45 million.
The round was led by Commerce Ventures. Andreessen Horowitz, Bain Capital Ventures (BCV), Visa, and Sorenson Ventures also participated.
Dan Rosen, founder and general partner of Commerce Ventures, stated that this round of financing is of great strategic importance and is proof that Moov Financial follows a differentiated integrated approach to securing payments. He also noted that by simplifying access to acquiring, accounting, and payments, the company is revolutionizing the generally accepted approach to complex payment flows involving multiple parties.
The head of Visa Ventures, David Rolf, says that Moov Financial has done a difficult job of creating direct integrations with major payment systems, thanks to which it can offer its customers a universal payment processing platform. He also stressed that this solution increases the programmability and speed of payments and simplifies the payment system.
The attraction and subsequent use of investment funds open a new stage in the activities of Moov Financial, which has become a new acquiring processor, issuer, and program manager licensed in the USA. The company’s rethinking of e-commerce principles has led to the creation of direct connections to all major card brands, the Federal Reserve, and the Clearing House.
Investors noted that the unique structure of Moov Financial’s wallet and ledger helps customers automate workflows by optimizing payments and reconciliation. They were also impressed by the company’s dashboard and built-in Moov Drops web components, which improve adaptation and help B2B firms customize the user interface.
Wade Arnold, CEO and co-founder of Moov Financial, says that in the cloud world, security, scalability, and transparency of data are of paramount importance. He also noted that the investments will allow the company to scale the existing platform and apply new options for its use.
As we have reported earlier, Regtech Salv Raises €4 Million.