Trovata, a financial technology startup that specializes in helping small and medium businesses with cash flow analyses, has raised $20 million in a series A round led by Wells Fargo Strategic Capital.
Capital One Ventures and Pivot Investment Partners also participated in Trovata’s series A, as well as existing early investors J.P. Morgan and Fintop Capital. This brings the San Diego-based company’s total raised to over $30 million, following seed and venture rounds totaling $10.6 million.
The new funding will be used to deliver new services and accelerate multi-bank APIs globally, and to add more bank distribution partners, said Brett Turner founder and chief executive at Trovata.
Expanding Investment Team
“We are thrilled to expand our investment team with more banking and fintech insiders who know exactly what we’re disrupting, that the tipping point is near, and how profound a role Trovata can play in wholesale banking and treasury services,” said Turner.
“Our growth has been amazing, but we’re just getting started. This round, along with our stellar team of investors, partners and employees, will help us deliver a tremendous year for our clients in 2021,” he added.
Founded in 2016, Trovata is an open banking platform. It lets companies instantly know and manage cash flow with precision while forecasting more quickly. A massive data platform, it uses direct APIs to deliver automated user experience in real-time and with bank-grade security.
In addition, it can aggregate bank balances and transactions in to automate cash-centric workflows, such as cash reporting, analysis, and forecasting.
Major Partnerships with Banks
To date, the company has inked partnership with clients including Wells Fargo, JPMorgan, Citi, HSBC, Bank of America, Merrill Lynch, PNC, and Silicon Valley Bank, among others.
This year, the company anticipates to grow its business significantly, annual revenue numbers were not disclosed.
“Revenue is confidential, but our average deal size is roughly $25,00 and we’ve grown from 0 to nearly 100 mid-market and small enterprise customers in 18 months. We’ll be announcing a new up-market product for the enterprise later this month and expect to grow 4 times to 5 times this year,” said Turner.
Turner brings over 20 years in public and private high-growth technology companies. He previously held the positions at Deloitte and Amazon. Turner has also been the chief financial officer of three tech startups since 2005, which have all exited and generated over $500 million in shareholder value.