Why Canapi is Investing in Moov
At Canapi Ventures, an API-first mindset is at the core of who we are ‑ we even decided to include API in our name: CanAPI. Because of our focus on API’s, our partnership on Moov’s seed round was an obvious fit.
Moov offers open-source API libraries for different financial services functions – starting with simplifying how to send, receive and store money for digital transactions. Along with its robust community, the Moov team manages these set of API libraries that institutions and partners can leverage to efficiently embed financial services within and across existing software applications and infrastructure. Moov’s platform brings together the combined power of fintech with the sound foundation of banking for the benefit of both consumer and commercial customers.
Last year, the ACH network had a total of 24.7 billion transactions totaling $55.8 trillion in value. Despite this scale, the legacy infrastructure makes it difficult to rapidly deploy new applications and offer consumers best-in-class user experiences in moving and managing their money. Our network of banks consistently faces challenges in this area, further validating our interest in helping Moov tackle these problems.
For Canapi, an investment at this stage starts with the team. We couldn’t be more impressed by Moov’s co-founders. Wade Arnold and Bob Smith are experienced founders who started Banno previously (acquired by Jack Henry). They spent years figuring out the best way to extract efficiencies and productivity out of existing bank technology platforms, core processing systems and workflow applications. Those experiences were the core drivers and ultimately, the genesis for creating the Moov platform.
So, where does it all go from here? The Moov team continues to build out the robust community and tackle new hard problems by adding to the API libraries. In short order, Moov will be well positioned to enable banks and other financial services firms to connect to vertical software providers who are looking to embed financial services in their offerings. This “Moovment” is core to our theme of embedded fintech at Canapi Ventures, and is the reason why we are so excited to be at the forefront of this project.