On Wednesday, fintech firm Quovo announced it has extended its Series B round, bringing its total funding to $20 million. According to Quovo, the investments came from Canadian venture capital firm, Portag3 Venture, IGM Financial Inc. and Great West-Lifeco Inc., and Salesforce Ventures. Founded in 2010, Quovo describes itself as a data platform that provides companies with connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions. The company stated:
“Our industry-leading APIs, modular applications, and enterprise solutions help businesses deepen their customer relationships with enhanced connection to their financial lives. From fintech innovators like SoFi and Betterment to the top retail banks, the leading financial services companies rely on Quovo to provide the data and insights they need to predict, transact, and personalize their services more effectively.”
Speaking about the investment, Lowell Putnam, CEO of Quovo, shared:
“Salesforce Ventures and Portag3 Ventures are well-established in their spaces: Salesforce pioneered the software as a service model and they’ll be an excellent resource for Quovo as we continue to expand. Portag3 is a leading investor in Canadian fintech and their strong connections have already helped us to cultivate relationships quickly in the Canadian market. Salesforce and Portag3 bring an immense amount of strategic value to Quovo and everyone at the company is excited to have their support.”
Quovo went on to add that the funds from Salesforce Ventures will provide additional support for its growth plans, including executing an extensive hiring plan, relocating its headquarters to a larger space, and continuing to develop the capabilities of its technology.