US-based cash management technology developer Trovata.io has raised $20m in a series A round led by Wells Fargo Strategic Capital, a corporate venturing vehicle for financial services firm Wells Fargo.
Financial services group Capital One also took part, through its Capital One Ventures unit, as did Fintop Capital, JP Morgan and Pivot Investment Partners. Wells Fargo Strategic Capital managing director Basil Darwish assumed a board seat at Trovata in connection with the deal.
Trovata has developed a machine learning-equipped software platform that will automate financial data. Its product enables users to analyse and manage their companies’ financial data including accounting, open banking and external markets.
JP Morgan led a $4.3m second tranche for Trovata’s $9.8m seed round in April 2020. It also featured Fintop Capital, which had led a $5.5m first close the year before that included JP Morgan’s parent firm, JPMorgan Chase.
JPMorgan Chase also led a seed tranche of undisclosed size for Trovata in 2018 that involved a strategic partnership between the two and mobile payment technology provider Square.
