Quovo extends Series B funding

Quovo, a data platform providing connectivity to consumer financial account, has extended its Series B round, bringing the firm’s total funding to $20m.

Investments came from Portag3 Ventures, a leading Canadian-based venture capital firm, IGM Financial and Great West-Lifeco, and Salesforce Ventures, the corporate investment group of the global CRM leader.

Based in New York, Quovo provides companies with connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions.

Its technology retrieves, organises, and analyses data from across the full breadth of financial accounts. Financial services companies use to solution to provide the data and insights they need to predict, transact, and personalise their services more effectively and with greater confidence.

Lowell Putnam, CEO of Quovo, said: “Salesforce Ventures and Portag3 Ventures are well-established in their spaces: Salesforce pioneered the software as a service model and they’ll be an excellent resource for Quovo as we continue to expand. Portag3 is a leading investor in Canadian FinTech and their strong connections have already helped us to cultivate relationships quickly in the Canadian market. Salesforce and Portag3 bring an immense amount of strategic value to Quovo and everyone at the company is excited to have their support.”

The company serves three industries: wealth, payments and lending. For wealth, the company claims to provide digital tools to help prospects manage and review their finances, data to create rich investor profiles, and connectivity that eliminates key hurdles to funding new accounts.

From the initial assessment of prospective borrowers to ongoing relationships during repayment, Quovo’s lending solutions streamline mission-critical processes across the lending value chain. While its payment solutions enable businesses to transact more intelligently with their customers from initial account authentication for ACH to ongoing payment management.

Copyright © 2018 RegTech Analyst


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