Trovata, a leader in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, announced today 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.
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.
“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.”
Trovata makes it easy for businesses to automate cash reporting and forecasting. 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 with revenue between $20 million and $5 billion transform finance and treasury operations using open banking and machine learning. With direct APIs with most major banks, new clients can get setup in 2-3 hours. Trovata is based in San Diego, CA. To learn more visit www.trovata.io.