Investment to Fuel New Services, Bank Partnerships and Upmarket Expansion
SAN DIEGO, CA / ACCESSWIRE / January 19, 2021 / Trovata.io, the leader in automating cash management with open banking, announced today the closing of its Series A funding round, raising $20 million. Wells Fargo Strategic Capital led the investment round with participation from new investors, Capital One Ventures and Pivot Investment Partners, as well as existing early investors, J.P. Morgan and FINTOP Capital. In connection with the round, Basil Darwish, Managing Director of Wells Fargo Strategic Capital, has joined Trovata's board of directors.
"We are keen on how technology is reinventing the treasury function into a modern, insight-driven operation that helps our clients deliver on their business strategy," said Basil Darwish, Managing Director of Wells Fargo Strategic Capital. "Trovata provides distinctive technology and a client-centric approach to automating treasury services, and we're excited to support their ongoing growth with this investment."
The investment will be used to deliver new services, accelerate multi-bank APIs globally, and add more bank distribution partners. As a modern, big-data platform, Trovata will continue to focus on its strengths to drive digital transformation in corporate treasury as it expands upmarket.
"We are thrilled to expand our investment team with more banking and fintech insiders who know exactly what we're disrupting, that the tipping point is near, and how profound a role Trovata can play in wholesale banking and treasury services," said Brett Turner, Founder & CEO of Trovata. "Our growth has been amazing, but we're just getting started. This round, along with our stellar team of investors, partners and employees, will help us deliver a tremendous year for our clients in 2021."
Officially launched in 2019, Trovata is the first modern end-to-end platform built natively on wholesale banking APIs, or open banking. These pre-built bank integrations remove the need for legacy implementations or IT support and enable self-setup. This allows Trovata to aggregate bank balances and transactions in real time to automate cash-centric workflows, such as cash reporting, analysis, and forecasting. Companies are able to see how much cash they have in real-time, better manage cash flow, and easily build and maintain more accurate forecasts.
As a big-data platform, Trovata acts as a high-performance data lake to store and manage bank data in a multi-bank environment that's infinitely scalable. As a cloud-based application, Trovata augments the bank's existing online portal to help the bank deliver advanced tech-driven services to meet next-gen Bank-as-a-Service (BaaS) initiatives.
Trovata makes it easy for businesses to automate cash reporting, forecasting, and analysis. By bridging the gap between banks and accounting systems, Trovata is helping companies gain powerful insights into their cash flows that drive better and quicker business decisions. Today, Trovata is helping companies transform finance and treasury operations using open banking and machine learning. With direct APIs with most major banks, new clients can get setup quickly with no legacy implementation or IT required. Trovata is based in San Diego, CA. To learn more visit www.trovata.io.