Fintech Firm Expands Top Bank Partnership

Cash management software company  Trovata  has expanded its partnership with J.P. Morgan Asset Management, white labeling two of  its product solutions directly on the banking giant’s platform for corporate institutional banking customers.

Located on Cedros Avenue in Solana Beach, Trovata designs software that leverages APIs (Application Programming Interfaces) to integrate directly with banks so that clients can make payments and better manage cash flow, all in a single multibank platform.

One of its first major banking investors was J.P. Morgan.

“Trovata has partnered closely with J.P. Morgan since 2018, when we pioneered the first corporate banking API connection together with joint customer Block (formerly Square) and subsequently it led our seed funding round,” said Trovata  Founder and CEO  Brett Turner.

Now, Trovata is enabling J.P. Morgan to provide its clients with real-time data, connectivity, and onboarding across multiple banks via a single API, using J.P. Morgan Treasury Workstation and J.P. Morgan Multibank Reporting.

“The speed of business has fundamentally changed, but corporate banking hasn’t kept pace,” Turner said. “As a fintech, Trovata has built the next-gen data transport layer, infrastructure, and user experience that mid-market and enterprise companies need to automate and scale their finance and treasury functions. For example, everyone’s talking about GenAI in banking and we’ve already built it, filed a patent, and rolled it out for the bank’s customers.”

AI-Accelerated

This July, Trovata revealed it was harnessing the power of  OpenAI  to accelerate its cash flow management platform. The company – now at 100 employees – always used AI and machine learning, but announced it was upping the game with the launch of  Trovata  AI, pulling in the power of ChatGPT without accessing its customers’ data.

“[This technology] acts as a middleware by allowing customers to ask questions or input commands while it uses  Trovata’s own tools securely to deliver accurate and reliable results.  Trovata  AI utilizes a patent-pending formulation methodology for prompting, allowing ChatGPT to take advantage of  Trovata’s analytics and data APIs to provide users with accurate calculations and answers,” Turner explained.

It means that users can provide questions or prompts like, “What is our company’s burn rate for the past 12 months?” or “Give me a report showing all of my company’s cash outflows by cash flow type.”

J.P. Morgan Payments Global Head of Digital Channels & Connectivity Lisa Davis added, “Our partnership with Trovata creates incredible value for our clients, providing real-time access to powerful insights into their cash flows, which enables smarter business decisions…corporate treasury is long overdue for this kind of innovation.”

Aside from J.P. Morgan, Trovata’s other banking investors include  Wells Fargo,  Capital One  and  National Australia Bank  (NAB). Companies like  Block  (formerly  Square),  Eventbrite, and  Krispy Kreme  are just a few of nearly 200 companies with over $125 billion of corporate cash managed using  Trovata’s platform.

Trovata

FOUNDED:  2016
CEO &  FOUNDER:  Brett Turner
HEADQUARTERS:  Solana Beach
EMPLOYEES:  100
BUSINESS:  Fintech
WEBSITE:  trovata.io
NOTABLE:  Trovata  has raised nearly $60 million in venture funding through its Series B round in May 2022 from several  VC firms  and major banks including  J.P. Morgan, its  earliest and largest institutional investor.