Quovo, a data platform providing insights and connectivity for financial accounts, today announced it has raised $10 million in Series B funding.
F-Prime Capital and Napier Park Financial Partners co-led the round and were joined by existing investors, FinTech Collective and Long Light Capital. Quovo will use the funds to accelerate the growth of its suite of data analytics offerings, which include the company's recently launched bank authentication API and Quovo Connect module.
By providing efficient access to financial account aggregation and analytics via APIs and front-end dashboards, Quovo has played a key role in driving the ongoing digital transformation in wealth management. Demand for high-quality financial account data is rapidly growing as the broader financial services industry turns to data to optimize their client relationships and drive valuable insights. Leading this trend, Quovo has expanded across multiple financial services verticals, offering solutions for banking, lending, insurance, and more.
This expansion has most recently led to the launch and growth of Quovo's Bank Authentication API and the launch of Quovo Connect, an easy-to-use module that offers an elegant user experience for adding financial accounts from thousands of institutions. The new Bank API and Quovo Connect are both easily embedded into any website or mobile app with just a few lines of code.
"We're excited to see the continued traction and adoption of our services across the financial services and FinTech space," said Lowell Putnam, CEO and co-founder of Quovo. "Our mission to help firms build strong, data-driven client relationships is shared by the smallest startups and some of the country's largest institutions. Investors are committed to helping Quovo flourish, validating our success to-date and helping us drive the innovation our customers demand. This new funding will enable us to build upon our success and help anyone trying to innovate or disrupt within financial services."
"Quovo has a role to play wherever data is being used to build stronger financial relationships. We are impressed with Quovo's adoption within the wealth management industry and are excited to see what they can accomplish as they expand more broadly across financial services," said David Jegen, a partner at F-Prime Capital, who will be joining Quovo's board.
Ned May, a principal at Napier Park Financial Partners, will also be joining Quovo's board of directors. "We seek to back differentiated platforms with leading management teams and provide the resources and deep financial services expertise to help innovative companies reach their full potential," said May. "Quovo's rapid growth across multiple industry verticals underscores the strength and importance of its platform, and we are thrilled to partner with Lowell and the entire team to support Quovo's next phase of growth."