Trovata, a US startup specialising in automating cash reporting and forecasting through wholesale, multi-bank API data aggregation, has 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.
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.
The new funding will be used to add new services, accelerate multi-bank APIs globally, and add more bank distribution partners.
Basil Darwish, MD, Wells Fargo Strategic Capital, says: "Trovata provides distinctive technology and a client-centric approach to automating treasury services, and we're excited to support their ongoing growth with this investment."