#Cloud / Moov raises $5.5m for open source banking platform

Founded by fintech veterans Wade Arnold and Bob Smith in 2018, Iowa-based Moov creates open-source infrastructure that makes it easier for businesses to send, receive and store money for their customers.

[Moov]… is rebuilding banking infrastructure for a cloud-native world without any legacy technology dependencies. Its banking-as-a-service platform takes a developer-first approach of being open source, portable to cloud providers or on-premises, modular for customisation, 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,” says Arnold. “We see history being repeated in fintech where proprietary solutions were first to market and subsequently replaced by community-led efforts surrounding open source projects.”