Automated cash reporting software Trovata has netted $4.3m in its oversubscribed seed funding round, which was led by J.P. Morgan
This capital injection was part of a planned extension for the company initial seed round which was co-led by FINTOP Capital.
The company launched its services last year and over this time it has nearly doubled its customers and Annual Recurring Revenue (ARR), quarter over quarter.
Trovata is a big data platform which utilises APIs to offer real-time, automated cash reporting and forecasting. Its technology helps companies with revenue between $20m and $5bn to get insights into their cashflow and boost user experiences.
The FinTech makes use of machine learning and open banking to centralise and aggregate all relevant information to enable analysis and reporting on cash positions and trends.
J.P. Morgan managing director Jason Tiede said, ?APIs are transforming how banks and clients collaborate and innovate across wholesale banking.
?Clients are looking for a better way to visualize and analyse cash flows and the need for such a solution has become even more germane given the unprecedented volatility in our global economy.p>
Copyright ? 2020 FinTech Global
