Moov is an open-source platform that provides a unified API for issuing, accepting, storing, and disbursing funds across various payment rails, including ACH and card transactions. It simplifies the complexities of multi-party financial workflows and compliance, enabling businesses to rapidly deploy financial services without the need for multiple vendors.
Funding
$97.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses often struggle with the complexity of integrating multiple vendors to handle various aspects of payment processing, including issuing, accepting, storing, and disbursing funds. Managing different APIs and compliance requirements for each vendor creates operational overhead and slows down the deployment of new financial services.
Solution
Moov provides a unified platform and API for managing the entire money movement process, from accepting payments to disbursing funds across multiple payment rails like ACH and card networks. It simplifies multi-party financial workflows by offering ledger infrastructure with direct connections to card brands, The Clearing House, and the Federal Reserve. The platform allows businesses to issue cards, settle funds to Moov Wallets, split payments between multiple parties, and disburse funds via ACH or virtual cards, all through a single integration. Moov also handles compliance requirements such as AML, BSA, CIP, and KYC.
Target Audience
Moov targets businesses that need to manage complex financial workflows and require a unified platform for payment processing, including those connecting merchants and buyers or managing payments to contractors.
Features
- Unified API for issuing, accepting, storing, and disbursing funds.
- Direct connections to card networks, The Clearing House, and the Federal Reserve.
- Moov Wallets for secure and cost-efficient storage of funds.
- Multi-party payment workflows with transfer groups for connecting merchants, buyers, businesses, and contractors.
- Drop-in UI components (Moov Drops) for rapid onboarding and personalized payment experiences.
- Support for multiple payment rails, including ACH and card transactions.
- Comprehensive compliance coverage, including AML, BSA, CIP, and KYC.
- Virtual card issuing capabilities.