It’s been an exciting couple of weeks! With expanding into Europe, closing $27M in Series B funding, and attending Money2020 in Amsterdam, Trovata is growing rapidly and helping improve the commercial and corporate banking experience.
Improving The Cash Management Experience with $27M in Series B Funding
On June 6th, Trovata announced it closed its $27M series B funding. Fin Capital led this round 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. This critical investment will assist Trovata in expanding into new markets and provide more bank connections through strategic partnerships.
Trovata Is Expanding Into European Markets
Alongside the Series B funding, Trovata also announced that it has opened offices in London and Amsterdam to support its European expansion plans for its fast-growing cash management platform.
Brett Turner, the Founder, and CEO of Trovata, had this to say regarding the expansion, “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. 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.”
For the first time, European mid-market and enterprise businesses will be able to utilize the advantages of an automated cash management platform built upon open banking APIs, such as:
- Automating Multi-Bank Data in a Unified Format. Trovata’s Open Banking API connections empower businesses with more profound and instant access to multi-bank data across global accounts. Pairing this technology with Trovata’s analytics platform, treasuries and financial teams can revolutionize their cash management operations with a single source of truth for cash balances, transactions, and rich metadata.
- Gaining Global Visibility Into Cash Flow. Trovata continues to help companies unlock the power of Open Banking across geographies. With over 2,000+ open banking API connections, Trovata enables organizations to gain a unified view of their cash flow across the United Kingdom, European Union, United States, Australia, Singapore, and Japan.
- Empowering Clients with Account-To-Account Payments. Trovata’s account-to-account functionality allows customers to initiate payments directly from their bank account at checkout without extra third-party intermediary fees. By providing banks and TPPs the ability to reconcile transactions and initiate refunds automatically, organizations can focus on growing their business while Trovata takes care of the rest.
- Reducing Costs and Risk with Access to Powerful Insights. Trovata collects and normalizes data, providing companies with up-to-date bank data stored in perpetuity. Machine learning algorithms analyze this data, improving the accuracy of cash forecasts. As a result, organizations can reduce costs and risks associated with certain decisions before making the last call.
Building New Connections and Partnerships at Money20/20 in Amsterdam
Last week, Trovata attended Money20/20, the largest fintech conference in the world. Here, our team met with banks from across the globe and collaborated with key partners such as J.P. Morgan, HSBC, Santander, and Standard Charter to continue providing more value and improve the client experience. Our team had plenty of great conversations about new features and collaborations that we look forward to announcing as we continue to grow Trovata’s automated cash management capabilities.
Unlock the Power of Open Banking Across Geographies
Trovata delivers a truly modern user experience for finance and treasury professionals by making it easier to automate cash reporting, forecasting, analysis, and money movement. Unlike legacy bank data exchanges and file formats introduced in the 1970s, Trovata’s extensive library of Open Banking APIs enables banks to transmit data to Trovata clients directly and securely. As a result, you can gain complete visibility across your balances and transactions and initiate payments dynamically, with low latency and richer metadata that helps your business make more informed decisions.
Unlock the power of open banking across the United Kingdom, European Union, United States, Australia, Singapore, and Japan by speaking to an open banking expert today.