JP Morgan-backed fintech Trovata to unveil UK expansion plan | Business News


A banking technology start-up which counts an arm of JP Morgan Chase, the Wall Street behemoth, among its backers will this week announce a UK expansion and £20m in new funding.

Sky News understands that Trovata, which is based in California, is opening offices in London and Amsterdam as it tries to accelerate the adoption of its specialist cash reporting and forecasting services.

The $27m Series B funding round comes amid an explosion in demand for ‘open banking’ and ‘open finance’ services which extend beyond consumer banking into the provision of software aimed at aiding small and medium-sized businesses.

Open banking enables banks to transmit data to their customers directly and securely using so-called application programming interfaces, which are more secure and faster than legacy systems.

Trovata’s fundraising is being led by Fin Capital with participation from existing backers including JP Morgan Chase Strategic Investments, Wells Fargo Strategic Capital, Capital One Ventures and Pivot Investment Partners.

NAB Ventures is also joining Trovata’s share register.

Trovata claims to be the fastest-growing treasury platform in the US, with hundreds of customers managing more than $100bn in cash and more than 50m bank transactions using the company.

“We’ve not only built out the largest library of corporate banking APIs in the world, we’ve also built an entirely new end-to-end platform, an operating system to manage cash better, faster, and smarter,” said Brett Turner, Founder & CEO for Trovata.

Mr Turner said the additional capital would “allow us to help more businesses optimize and grow, which is critical given how fast things can change in today’s marketplace”.

“The wave of Open Banking and Open Finance is making its way from consumer and small business into mid-market and enterprise,” Logan Allin, managing partner and founder of Fin Capital, said.

“Trovata is helping banks bridge the gap as a tech platform for their clients that goes beyond what the traditional online banking portals provide.”

The company’s funding round comes against an increasingly challenging backdrop for early-stage companies to raise capital, with valuations falling sharply and many start-ups resorting to swingeing job cuts in an attempt to survive.


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