Photo Credit: Trovata
Trovata.io, a San Diego-based company that is known for automating cash management on open banking, recently announced it raised $5.5 million in seed funding on its oversubscribed second closing. For this funding round, FINTOP Capital had joined JPMorgan Chase on its initial strategic investment in December to co-lead the round.
“Not only will the additional funds allow us to quicken our pace, but adding such an accomplished group of executives from corporate treasury and banking to Trovata’s board to help us as we move forward is a tremendous boost,” said Trovata.io founder and CEO Brett Turner in a statement.
And in conjunction with this round, FINTOP partner John Philpott is joining Trovata.io as a director on the board and JPMorgan Chase Managing Director & Global Head of Innovation of Wholesale Payments Jason Tiede is joining as a board observer. Trovata also revealed that Tim Murphy, the Treasurer of Square, also joined the board of directors.
Murphy has more than 20 years of experience building and growing treasury organizations with companies like Amazon and Getty Images as well. And he has been demonstrating the strategic importance of corporate treasury while working at Square since 2015.
Using Trovata, it is easy for businesses to build and update their cash forecasts as it automates the work it takes for gathering all of the data. And by bridging the gap between banks and accounting systems, Trovata can help companies gain powerful insights into cash flows and outflows. As a result, businesses can make faster and better strategic decisions.
Specifically, Trovata is helping companies transform finance and treasury operations with revenue between $20 million and $2 billion using open banking and machine learning. And setting up Trovata’s platform typically takes under an hour.
“There’s been very little innovation in the treasury space for the past 10 years,” added Murphy. “I’m excited to be a part of advancing Trovata’s technology and help it democratize the treasury function for a massively underserved broader market beyond large corporates.”
With this funding round, Trovata pointed out that it is poised to disrupt corporate finance and treasury operations. And the funds will be used for ramping up sales and marketing, accelerating product development, and hiring new team members.
“As former fintech operators, we think there’s huge potential for transformation in treasury services,” Philpott explained. “Trovata is rapidly emerging and really well positioned to disrupt the space.”
