Trovata Expands to UK/EU with $27M Series B Funding
Equity financing led by Fin Capital with significant participation from JPMorgan Chase and other major banks.
San Diego – June 6, 2022 – 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 & 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.”
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.
About Fin Capital
Fin Capital is a global asset management firm focused on full life cycle investing in B2B FinTech companies across the US, UK, Europe, LatAm, Israel, and Canada. with offices in San Francisco, New York and London (Q1 ’22). Fin’s investing platform includes Pre-Seed (Regatta), Early Stage (Flagship), Growth Equity (Horizons), and Public Equity (Constellation) strategies, and has invested in over 80 portfolio companies globally. The firm focuses broadly across FinTech in six sub-sectors: Embedded Finance, Asset Management/Capital Markets, CFO Tech Stack, InsurTech, Enterprise Blockchain, and Enabling Tech/Infrastructure. For more information, visit https://fin.capital/.