JPMorgan Chase Leads Seed Funding Round with Strategic Investment
SAN DIEGO–(BUSINESS WIRE)–December 6, 2018–
Trovata, the first cash automation platform built on open banking for finance and treasury operations, today announced it is launching its new technology in a pilot with Square, Inc. and JPMorgan Chase & Co. Working with Square’s corporate treasury team and Treasury Services at JPMorgan Chase, Trovata will aim to reinvent user experience, the exchange of bank data, and automating treasury workflows. The platform will provide the Square Treasury team financial data in real time utilizing JPMorgan’s Treasury Services APIs.
“Corporate treasury clients are seeking ways to better understand cash positions, automate cash flow analysis, and dynamically forecast cash,” said Jason Tiede, Managing Director & Head of Innovation, Treasury Services, JPMorgan Chase. “We’re always looking for ways to work with our clients to provide better experiences and meaningful insights. Our pilot with Square and Trovata will do just that.”
Trovata also announced today that JPMorgan Chase led its seed funding round with a strategic investment. Funds will be used to accelerate product development and new customer engagements.
“This is a tremendous opportunity to advance our solution with a technology leader like Square and JPMorgan Chase’s innovative direct APIs,” said Brett Turner, Founder and CEO of Trovata. “This deployment along with our seed funding will help us significantly in our efforts to democratize the treasury function for a massively underserved broader market beyond large corporates.”
Founded in 2016, Trovata automates financial work flows, allowing CFOs, Corporate Treasurers, Controllers, and Financial Analysts to quickly connect to banks, ERP systems, and other data sources to power cash insights, cash forecasting, and cash management. It aims to reinvent legacy implementations and user experience by combining contemporary consumer design, ease of use, and pre-built integrations with enterprise-grade security, data science, and machine learning for companies with revenues ranging from $5 million to $5 billion.
Trovata helps businesses automate the work it takes to gather and normalize all of its financial data. Trovata lets finance and treasury teams access, build, manage, and control their own trove of financial data – from banks, business & accounting systems, and external markets – in minutes. We help CFOs answer simple questions that are difficult to answer without doing hours or days of work like, “How much cash do we have right now and where is it going?” This lets us intelligently drive efficiencies through transparent visualization and workflow automation that can transform financial operating performance. Trovata is based in San Diego, with satellite offices in San Francisco and Chicago. To learn more visit trovata.io.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Trovata // Brett Turner