Investment Co-Led by FINTOP Capital and JPMorgan Chase Will be Used to Ramp Sales and Accelerate Product Development
SAN DIEGO–(BUSINESS WIRE)–April 30, 2019–
Trovata.io, a leader in automating cash management on open banking, today announced it has completed a $5.5 million seed funding round on its oversubscribed second closing. FINTOP Capital joined JPMorgan Chase on its initial strategic investment in December to co-lead the round. In connection with the financing, John Philpott, a Partner at FINTOP, joined the board as a director, while Jason Tiede, Managing Director & Global Head of Innovation, Wholesale Payments for JPMorgan Chase, joined as board observer.
Trovata also announced today that the Treasurer of Square, Tim Murphy, joined its board of directors. Mr. Murphy brings over 20 years of experience building and growing treasury organizations at fast growing companies like Amazon and Getty Images. Since 2015, he has demonstrated the strategic importance of corporate treasury for driving successful financial outcomes at Silicon Valley technology leader, Square.
“There’s been very little innovation in the treasury space for the past 10 years,” said Tim Murphy, Treasurer of Square. “I’m excited to be a part of advancing Trovata’s technology and help it democratize the treasury function for a massively underserved broader market beyond large corporates.”
With the completion of its seed funding, Trovata is poised to disrupt corporate finance and treasury operations. Funds will be used to ramp sales & marketing, accelerate product development, and add new team members to continue its rapid expansion since its launch late last year.
“As former fintech operators, we think there’s huge potential for transformation in treasury services,” said John Philpott, Partner at FINTOP Capital. “Trovata is rapidly emerging and really well positioned to disrupt the space.”
“Not only will the additional funds allow us to quicken our pace, but adding such an accomplished group of executives from corporate treasury and banking to Trovata’s board to help us as we move forward is a tremendous boost,” said Brett Turner, Founder & CEO.
Trovata makes it easy for businesses to build and update their cash forecast by automating the work it takes to gather all the data. By bridging the gap between banks and accounting systems, Trovata is helping companies gain powerful insights into their cash inflows and outflows that drives better and quicker business decisions. Today, Trovata is helping companies transform finance and treasury operations with revenue between $20 million and $2 billion using open banking and machine learning. In most cases it takes less than an hour to get set up. Trovata is based in San Diego, CA. To learn more visit trovata.io.
Trovata // Brett Turner