This summer, we shared a post about why we thought Moov was a special company with a special goal: building a community of FinTech developers and product experts. You could think of Moov as a Banking-as-a-Service (BaaS) company or an embedded payments company, but there are many of those being built right now…and not a heck of a lot of differentiation that separates them.
Instead, imagine a community of experts who 1) told you what tools and resources they needed, 2) helped build the tech products requested by their fellow community members and 3) tested and validated those products at scale inside their own businesses. That IS the 1,000+ member strong Moov community!
At Commerce, we typically invest in infrastructure businesses…and those don’t tend to be very flashy. But the world of financial services has changed quite a bit this year. From the biggest of financial institutions to the most cutting edge neobank, the eco-system has realized that we need to make data access and transacting easier and more accessible, even as we ensure its safety, security and privacy. That requires more plumbing, modern platforms, unified data lakes and advanced applications of A.I. to protect against fraud, identify risks and harness the business value of these freer flowing transactions.
In short, the industry needs better infrastructure…and many of venture’s best entrepreneurs and investors have keyed into this opportunity. Through Q3 2020, and in the midst of a global pandemic, we’ve observed FinTech funding surpassing $30 billion globally (CBinsights). We also know that funding to enabler startups through the first half of the year had increased 75% over 2019, and represented more than half of venture dollars being invested during that period.
Well today that trend continues as Moov announces its $27 million Series A led by Andreessen Horowitz. We count ourselves fortunate to have been involved with the company since its seed round earlier this year, but we’re excited to welcome more excited investors to the Moov-ment. For anyone reading this who wants to join the community, follow this link for early access.
Meanwhile, congratulations to Wade, Bob and the entire Moov family on the new round of funding!