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JP Morgan invests in cash management startup Trovata

JP Morgan invests in cash management startup Trovata

Trovata, a US startup specialising in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, has scored $4.3 million in funding led by JP Morgan.

The money is an extension of Trovata's seed round, which raised $5.5 million, led by Fintop Capital, last April.

Launched a year ago, Trovata is a big data platform that uses direct APIs to deliver in real time and with bank-grade security, cash reporting and forecasting.

The firm claims substantial growth over the year, nearly doubling its customers and annual recurring revenue, quarter over quarter.

Jason Tiede, global head, innovation, wholesale payments, JP Morgan, says: "APIs are transforming how banks and clients collaborate and innovate across wholesale banking.

"Clients are looking for a better way to visualize and analyse cash flows and the need for such a solution has become even more germane given the unprecedented volatility in our global economy.”

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