Automated cash management startup Trovata Inc. said early Tuesday that it has raised $20 million in new funding to deliver new services, accelerate multibank application programming interfaces globally and add more bank distribution partners.
The round was led by Wells Fargo Strategic Capital and included Capital One Ventures, Pivot Investment Partners, J.P. Morgan and FINTOP Capital. Under the deal, Basil Darwish, managing director of Wells Fargo Strategic Capital, has joined Trovata’s board.
Founded in 2016, Trovata is a software company with a focus on data-driven enterprise financial technology. With a platform that offers cash flow analysis, automation and data science, the startup seeks to address two major trends in banking: the need for APIs for commercial banking and treasury services and the cloud transformation of enterprise information technology that it believes will lead to a major disruption in finance and treasury operations.
Officially launched in 2019, Trovata describes itself the first modern end-to-end platform built natively on wholesale banking APIs, or “open banking.” The company’s pre-built bank integrations are said to remove the need for legacy implementations or IT support and enable self-setup.
In doing so, Trovata’s platform can aggregate bank balances and transactions in real time to deliver automated cash-centric workflows, such as cash reporting, analysis and forecasting. That allows customers to see how much cash they have in real time, better manage cash flow, and build and maintain more accurate forecasts.
The company’s founder, Brett Turner, has previously held the positions of certified practicing accountant at Deloitte, a position of reporting to the U.S. Securities and Exchange Commission at Amazon.com Inc. and has also been the chief financial officer of three tech startups since 2005. According to Trovata, he had a “front row seat” to the transformation of enterprise information technology by Amazon Web Services Inc. as a co-founder in his last startup.
“We are keen on how technology is reinventing the treasury function into a modern, insight-driven operation that helps our clients deliver on their business strategy,” Darwish said. “Trovata provides distinctive technology and a client-centric approach to automating treasury services, and we’re excited to support their ongoing growth with this investment.”
Including the new round, Trovata has raised $30.6 million, according to data according to Crunchbase.
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