Quovo, a Fintech company that leverages data to provide insights alongside connectivity for financial accounts, has raised $10 million in Series B funding. Existing investors FinTech Collective and Long Light Capital were joined by F-Prime Capital and Napier Park Financial Partners to provide the capital. As one would expect, the cash will be used to fuel platform growth and build out the suite of data analytics offers which include the newly launched bank authentication API and Quovo Connect module.
Quovo believes that by providing efficient access to financial account aggregation and analytics via APIs and front-end dashboards, their platform can play a key role in driving the ongoing digital transformation in wealth management.
As we know, demand for high-quality financial account data is growing as the financial services industry turns to data to boost their client relationships and leverage insights. Quovo has expanded across multiple financial services verticals, offering solutions for banking, lending, insurance, and more.
“We’re excited to see the continued traction and adoption of our services across the financial services and Fintech space,” said Lowell Putnam, CEO and co-founder of Quovo. “Our mission to help firms build strong, data-driven client relationships is shared by the smallest startups and some of the country’s largest institutions. Investors are committed to helping Quovo flourish, validating our success to-date and helping us drive the innovation our customers demand. This new funding will enable us to build upon our success and help anyone trying to innovate or disrupt within financial services.”
Along with their investment, both Napier and F-Prime Capital will be joining the Board of Directors of Quovo.
Ned May, a Principle at Napier, will join the board. May stated;
“We seek to back differentiated platforms with leading management teams and provide the resources and deep financial services expertise to help innovative companies reach their full potential,” said May. “Quovo’s rapid growth across multiple industry verticals underscores the strength and importance of its platform, and we are thrilled to partner with Lowell and the entire team to support Quovo’s next phase of growth.”
F-Prime’s board selection has not been announced but a Partner from F-Prime commented on the investment;
“Quovo has a role to play wherever data is being used to build stronger financial relationships. We are impressed with Quovo’s adoption within the wealth management industry and are excited to see what they can accomplish as they expand more broadly across financial services.”