Trovata, a US-based firm focused on automating cash reporting and forecasting via wholesale, multi-bank API data aggregation, is preparing to launch operations in the United Kingdom on the back of a $27 million round.
As noted by Sky News, Trovata, which maintains head offices in California, is establishing additional locations in London and Amsterdam as it focuses on supporting the adoption of its specialist cash reporting and forecasting services.
Founded in 2019, Trovata offers an end-to-end platform built natively on wholesale banking APIs, eliminating the requirement for outdated/legacy implementations or IT support and allowing for self-setup.
This enables Trovata to aggregate bank balances and transactions in real-time in order to automate cash-centric workflows, like cash reporting, analysis, and forecasting, the firm’s management explained.
In January of last year, the firm had secured $20 million via a Series A investment round that was led by Wells Fargo Strategic Capital. Capital One Ventures and Pivot Investment Partners took part as well, along with contributions from existing early investors JPMorgan and Fintop Capital.
Earlier in 2022, the company entered a distribution agreement with Capital One, which will market and refer Trovata’s cash management platform to various commercial and corporate banking customers.
Trovata’s fundraising has been led by Fin Capital with participation from existing investors such as JP Morgan Chase Strategic Investments, Wells Fargo Strategic Capital, Capital One Ventures and Pivot Investment Partners.
NAB Ventures is also reportedly joining Trovata’s share register.
As covered in February 2022, Trovata, the Fintech firm focused on automating cash workflows via multi-bank API data aggregation for corporate finance and treasury teams, had announced a distribution agreement with Capital One (NYSE: COF).
In connection with the partnership, Capital One will “market and refer Trovata’s cash management platform to new and existing commercial and corporate banking clients,” according to a release.
With Trovata’s platform, Capital One will offer a new cash management experience for its commercial customers, with improved visibility and insights into multi-bank account balances and historical cash flows, “along with powerful projections that help automate cash forecasting.”
