Trovata, a U.S.-based cash management platform, announced on Tuesday it raised $20 million through its Series A funding round, which was led by Wells Fargo Strategic Capital with participation from Capital One Ventures, Pivot Investment Partners, J.P. Morgan, and FINTOP Capital.
Founded in 2016, Trovata states it helps businesses automate the work it takes to gather and normalize all of its financial data. The company also noted it allows finance and treasury teams to access, build, manage, and control their own trove of financial data, from banks, business/accounting systems, and external markets, connecting to these sources in minutes.
“We help CFOs answer simple questions that are difficult to answer without doing hours or days of work like, ‘How much cash do we have right now and where is it going?’ This lets us intelligently drive efficiencies through transparent visualization, workflow automation, and machine learning that can transform financial operating performance.”
Speaking about the investment, Brett Turner, Founder and CEO of Trovata, stated:
“We are thrilled to expand our investment team with more banking and fintech insiders who know exactly what we’re disrupting, that the tipping point is near, and how profound a role Trovata can play in wholesale banking and treasury services.”
Trovata further revealed that the investment funds will be used to deliver new services, accelerate multi-bank APIs globally, and add more bank distribution partners. The company added:
“As a modern, big-data platform, Trovata will continue to focus on its strengths to drive digital transformation in corporate treasury as it expands upmarket.”