Trovata expands to the UK following $27 million Series B funding round
Trovata, the fintech firm for corporate banking APIs, recently announced 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 (£22.2m) 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 now has 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.
“We’ve not only built out the largest library of corporate banking APIs in the world, but 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.”