Trovata Receives $4.3M in Additional Funding from J.P. Morgan & FINTOP Capital
Trovata, a leader in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, announced it closed on $4.3M in additional funding led by J.P. Morgan. The additional funding was a planned extension from the company’s initial seed round co-led by FINTOP Capital, who also participated. The final tranche was oversubscribed as a result of the company gaining significant traction with customers, capping off its seed round.
Read More: GlobalFintechSeries Interview with Raymond Wyand, CEO & Co-founder at gini
Trovata.io Doubles its Business in Q1 on Need for Greater Cash Visibility & Forecasting; J.P. Morgan Invests Again
The investment marks one year since the company officially launched its product. During that time, Trovata has grown substantially, nearly doubling its customers and Annual Recurring Revenue (ARR), quarter over quarter. The company’s product fills a major void in the market by automating cash-centric workflows allowing small, medium, and large corporate finance and treasury teams to gain better visibility into their cash flow.
Read More: GlobalFintechSeries Interview with Tim Kelly, CEO & Founder at BitOoda
“APIs are transforming how banks and clients collaborate and innovate across wholesale banking,” said Jason Tiede, Managing Director & Global Head of Innovation, Wholesale Payments for J.P. Morgan. “Clients are looking for a better way to visualize and analyze cash flows and the need for such a solution has become even more germane given the unprecedented volatility in our global economy.”
Trovata is a big data platform that uses direct APIs to deliver in real time and with bank-grade security, a more rich and automated user experience. To date, most fintech innovation has occurred in retail banking, which includes consumers and small businesses generally less than $10M in revenue. However, Trovata focuses on wholesale banking, aggregating balances and transactions to serve larger companies at infinite scale.
“Our growth is validating the need for a modern tech solution for managing cash flow that doesn’t require legacy implementation,” said Brett Turner, Founder & CEO. “The additional investment not only validates that our go-to-market strategy is working, it will allow us to deliver even more value to our clients through the platform at a time when they really need it.”
Read More: Asia’s First Compliant Crypto Fund Has Emerged — Circle Fund
