Open banking platform Trovata has reportedly collected $20m in its Series A funding round, which was led by Wells Fargo Strategic Capital.
With this equity infusion, the FinTech will build new services, add more bank distribution partners and accelerate adoption of its multi-bank APIs around the world, according to a report from VentureBeat.
Trovata offers an open banking platform that enables companies to instantly know how much cash they have, quickly get forecasts and manage cash flow more efficiently. Its tools include accounting, cash reporting, cashflow analysis and more.
In a statement to VentureBeat, Turner said, “Revenue is confidential, but our average deal size is roughly $25,00 and we’ve grown from 0 to nearly 100 mid-market and small enterprise customers in 18 months. We’ll be announcing a new up-market product for the enterprise later this month and expect to grow 4 times to 5 times this year.”
Last year, the FinTech raised $4.3m in its oversubscribed seed round, which was led by J.P. Morgan.
Earlier in the week, digital accounting platform Bookkeeper360 secured $1m in seed capital. The funds were raised to help scale the company.
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