Trovata, fintech’s global leader in corporate banking APIs, announced today that it has opened offices in London and Amsterdam to support its European expansion plans for its fast-growing cash management platform for businesses. To support its continued growth, Trovata also announced it has closed $27 million in Series B funding, led by Fin Capital, with significant participation from existing investors, JPMorgan Chase Strategic Investments, Wells Fargo Strategic Capital, Capital One Ventures, and Pivot Investment Partners, along with new investor NAB Ventures.
Since its market launch nearly three years ago, Trovata has become the fastest growing treasury platform in the U.S., with hundreds of mid-market and enterprise customers managing over $100 billion in cash and over 50 million bank transactions. The platform delivers a truly modern user experience for finance and treasury professionals, as well as developers building custom applications. The Trovata experience is fully integrated with corporate banking APIs for multi-bank data aggregation, cash visibility, analysis, forecasting, and payments with no IT required.
“The wave of Open Banking and Open Finance is making its way from consumer and small business into mid-market and enterprise,” said Logan Allin, Managing Partner & Founder of Fin Capital. “Trovata is helping banks bridge the gap as a tech platform for their clients that goes beyond what the traditional online banking portals provide.
Unlike legacy bank data exchanges and file formats introduced in 1970s, Open Banking enables banks to transmit data to their customers directly and securely using APIs. As a result, it is quickly becoming the new transport method enabling bank data – balances, transactions, and payments – to be transmitted dynamically, with low latency and richer metadata. Not only does this improve security and performance, it also unlocks automation opportunities and an entirely new intuitive, digital experience for users and developers.
“We’ve not only built out the largest library of corporate banking APIs in the world, we’ve also built an entirely new end-to-end platform, an operating system to manage cash better, faster, and smarter,” said Brett Turner, Founder & CEO for Trovata. “We’re super excited to expand into the UK and the EU. Adding Fin Capital and NAB Ventures to Team Trovata, strong support from JPMorgan Chase and our other existing investors, along with $27 million in fresh capital will allow us to help more businesses optimize and grow, which is critical given how fast things can change in today’s marketplace.”
NAB Ventures Managing Director, Amanda Angelini:
“We understand our corporate customers want real-time visibility of financial data across all of their accounts and businesses. Trovata’s platform is unique as it utilises open banking to integrate directly with banks and leverages AI to empower businesses to accurately forecast cashflow and automate reporting. We think this is a great fit for NAB Ventures and we’re looking forward to working with Trovata, introducing them to our customers, and pursuing further opportunities to work together.”
About Trovata
Trovata makes it easy for businesses to automate cash reporting, forecasting, analysis, and money movement. By bridging the gap between banks and accounting systems, Trovata helps companies gain powerful insights into their cash flows and facilitate better and quicker business decisions. As an end-to-end fintech platform for managing cash, Trovata collaborates with the world’s largest financial institutions to deliver next-gen banking services. Trovata is based in San Diego, CA.
To learn more visit www.trovata.io. | Twitter: @Trovata_io
