Trovata, a US startup specialising in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, is set to open for business in the UK on the back of a $27 million funding round.
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.
Launched in 2019, Trovata provides an end-to-end platform built natively on wholesale banking APIs, removing the need for legacy implementations or IT support and enabling self-setup. This allows Trovata to aggregate bank balances and transactions in real time to automate cash-centric workflows, such as cash reporting, analysis, and forecasting, says the firm.
In January 2021, the company raised $20 million in a Series A funding round led by Wells Fargo Strategic Capital. Capital One Ventures and Pivot Investment Partners, as well as existing early investors JPMorgan and Fintop Capital joined the round.
Earlier this year, the firm scored a distribution agreement with Capital One, which will market and refer Trovata’s cash management platform to new and existing commercial and corporate banking clients.
Trovata's fundraising is reportedly 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 said to be joining Trovata's share register.