Why it’s time to Moov!

Dan Rosen
2 min readAug 18, 2020

Over the past 6 years (ending in 2019), $56 billion has been invested in private FinTech players, but 61% of this was invested in startups trying to compete with incumbents. Many of these FinTech challenger apps (e.g. Acorns, Chime, Robinhood…) were built using next-generation infrastructure provided by platforms like Plaid (data aggregation), Marqeta (card issuing) and Socure (identity verification). Such enablement platforms have made it possible for this growing universe of startups and developers to launch new products in banking, investing and increasingly in payments.

Since the start of 2020 (and Visa’s announcement of the Plaid acquisition), venture dollars have shifted dramatically across FinTech, with H1 2020 challenger investment down almost 40% from the same period in 2019. At the same time, FinTech enabler investments (e.g. Finix, Marqeta) are up 75%. We believe this trends stems from the recognition that enabler models are helping challengers AND incumbents reshape financial services in critical ways…and the magnitude at which some of these enablers (e.g. Bill.com, Finicity, nCino, Plaid) are seeing exits.

As we look at a growing universe of developers who want to build financial products and experiences using modern tools and infrastructure, a natural opportunity comes to the forefront: open source. The FinTech industry hasn’t seen a true, open source developer community…until Moov. Moov is opening up the payments and banking infrastructure worlds for innovation in a uniquely emergent way that has the potential to cultivate an organic, flourishing open source community.

Commerce Ventures feels very fortunate to have known and worked with Wade Arnold before (during his time at BillGO), and we’re so excited about the team he has assembled to pursue this opportunity — including a top notch list of investors.

We look forward to seeing what you all build as a result of the Moov community, libraries and platform. We’re grateful to be along for the journey!

-Dan & The Commerce Ventures Team

Sources: CB Insights, Commerce Ventures internal analysis



Dan Rosen

VC investor at Commerce Ventures. Mostly tweet about entrepreneurship/startups, VC, mobile, payments and the future of retail.