Quovo, a data platform providing connectivity to consumer financial accounts, today announced its expansion into the Canadian market.
The expansion is facilitated by an investment from Portag3 Ventures, a leading Canadian-based venture capital firm exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc. The investment brings Quovo’s total funding to date to $20 million.
Quovo provides companies with connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions. Quovo’s technology retrieves, organizes, and analyzes data from across the full breadth of financial accounts. Leading financial services companies, such as SoFi and Betterment, rely on Quovo to provide the data and insights they need to predict, transact, and personalize their services more effectively and with greater confidence.
“Canada holds immense growth potential for Quovo and we’re excited to replicate our US success in the Canadian market, which is home to a thriving fintech ecosystem and financial institutions hungry to adopt innovative technologies,” said Lowell Putnam, CEO and co-founder of Quovo.“The decision to raise funding from Portag3 was about much more than capital. Portag3 is well connected in the Canadian financial services industry and is helping us to hit the ground running as we work to establish ourselves in the market.”
“The Canadian market holds tremendous promise for aggregation and we believe Quovo is the global market leader. We are excited to be their partner as they expand into markets outside the United States,” said Adam Felesky, President of Portag3 Ventures.
Quovo is partnering with Canadian fintech companies and incumbent institutions alike to provide enhanced account connectivity and to enable Canadians to make healthier financial decisions.
“While we’ve already expanded our Canadian institutional coverage and updated our data model to include Canadian financial account types, our expansion into Canada isn’t just about product localization—we’re fully committed to building a sustainable business to support the country’s growing financial services sector,” said Brad Joudrie, Director of Quovo in Canada. “The investment from Portag3 will enable us to build out a regional team, deliver on Canadian consumer requirements, and fuel innovation in Canadian financial services.”
Contributed | what does this mean?