The investment comes in a year after the company launched its product. During this period, Trovata has grown substantially, nearly doubling its customers and Annual Recurring Revenue (ARR), quarter over quarter
Fremont, CA: Automated cash reporting and forecasting firm Trovata closed USD 4.3 million in an additional funding round led by J.P. Morgan. The additional funding was a planned extension from the company’s initial seed round co-led by FINTOP Capital. The final tranche was oversubscribed as a result of the company gaining significant traction with customers, capping off its seed round. Trovata is a leader in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation.
“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.”
The investment comes in a year after the company launched its product. During this period, Trovata has grown substantially, nearly doubling its customers and Annual Recurring Revenue (ARR), quarter over quarter. The company's products fill significant gaps in the market by automating cash-centric workflows allowing small, medium, and extensive 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 vibrant and automated user experience. While most of the fintech innovation has occurred in retail banking, including consumers and small businesses generally less than USD 10 million in revenue, Trovata focuses on wholesale banking, aggregating balances and transactions to serve larger companies at an infinite scale.