Trovata, which develops automated cash management software, announced today that it has raised a $20 million Series A round of funding led by Wells Fargo Strategic Capital. This latest round of financing brings the total amount the company has raised to $30 million.
The company plans to use the new capital to grow and expand its product development.
Overview of Trovata
Trovata is an Artificial intelligence-driven commodity trading platform that helps commodity buyers and sellers securely manage, track and analyse the full life cycles of their international deals. Founded in 2018, Trovata is the go-to digital technology platform for achieving early insights and efficient traditional trading for commodities. With over 400 customers in more than 20 countries across Europe and North America, the company provides digital tools and insights to better predict market futures, streamline post-trade reconciliations and trade analytics.
Wells Fargo Strategic Capital led the Series A round with participation from existing investors including NFX Ventures, Flatiron Partners, Refactor Capital and Gigafund. This investment will continue expanding Trovata’s international presence while increasing their product offering, including increasing their AI capabilities to support faster decision making on ever evolving global markets. Furthermore, they will use these funds to boost our development of data science algorithms that focus on timing predictions by using structured data gained from user behaviour on the platform.
Trovata, which develops automated cash management software, raises $20M Series A led by Wells Fargo Strategic Capital, bringing its total raised to $30M+
Trovata, the financial technology company developing automated cash management software, announced that it has closed a Series A funding round totaling $20 million, led by Wells Fargo Strategic Capital.
This funding brings Trovata’s total capital raised to $30 million. The funding will allow Trovata to expand their capabilities and offerings further and accelerate their mission of revolutionising how companies manage their cash.
Overview of the funding round
Trovata, a software provider that enables banks to securely access financial data, has announced the completion of a $20M Series A fundraising round. Wells Fargo Strategic Capital led the round with participation from Georgian Partners and Greycroft. Existing investors Village Global and Finhaven also contributed to the funding.
The new capital will be used by Trovata to scale up its operations and further expand its product offering by developing a suite of APIs and advanced analytics capabilities that empower partners — particularly banks — to leverage customer data to grow their businesses. In addition, the company aims to use these newly-invested resources to fuel growth in international markets and corporate sectors such as financial services, insurance, retail, healthcare and government.
The $20 million Series A funding represents a milestone for Trovata and positions the company for further success in its mission to enable secure access finance insights globally. As part of the fundraising round, Wells Fargo Strategic Capital Managing Director Kurt Becker will join Trovata’s Board of Directors.
Amount raised
Trovata, a financial technology startup, has recently closed its Series A funding round with $20 million in investment. The round was led by Wells Fargo Strategic Capital, with additional contributions from The Valley Fund and WTI.
The new funds will allow Trovata to expand into new markets, support their rapid growth, and continue building their innovative financial review platform. Trovata has already seen major success during its early growth stages and aims to expand its customer base while exploring new product features. With this substantial injection of funds, the company is confident that it can achieve new milestones in the coming months.
Having already signed 103 financial institutions onto its solution and amassed millions of customer documents over the past year, Trovata serves clients across the US and UK. Following the conclusion of this $20 million round of funding led by Wells Fargo Strategic Capital, Trovata will be well-positioned to continue capitalising on these successes with additional investment in its staff and software development team.
Lead investor
Wells Fargo Strategic Capital, the private equity and venture capital arm of Wells Fargo & Company, led the new $20 million Series A funding round for Trovata, bolstering the Insurtech start-up’s effort to transform the insurance industry.
The investments by Wells Fargo and other new investors will help strengthen Trovata’s already impressive team of problem-solvers and innovators dedicated to revolutionising insurance from within. For example, with its cutting-edge technology platform, Trovata is redesigning how insurers offer coverage by increasing visibility into customers’ fears and needs to provide truly personalised service.
Wells Fargo Strategic Capital is a well-established investor in high-growth companies. Recent investments have included companies within healthcare IT and machine learning artificial intelligence. Taking the reins as lead investor in Trovata will put them at the forefront of InsurTech transformation — a fittingly innovative move for a leader in financial services.
Trovata CEO Todd Smith expressed his appreciation: “We are humbled to have Wells Fargo Strategic Capital lead our Series A funding.” Mr Smith went on to say that it was important to ensure they had strong partners whose priorities were intertwined with their own: “At Trovata we focus on building meaningful partnerships that enable us to build end-to-end systems leveraging cloud services and advanced analytics that enable insurers to easily manage distributed risk portfolios.” They have been successful because companies like Wells Fargo Strategic Capital understand the long term vision that informs all aspects of their decision making process.
Total amount raised to date
Trovata has now raised $26.5M in venture capital funding, including investments from sigmaPrime Ventures, Social Leverage and its Seed round participants, TVC Capital and seed crowdfunding platform StartEngine.
Trovata will accelerate its technology with the new funding so financial institutions can easily adopt their product. The company also plans to use the investment dollars to grow their team and expand its sales and marketing efforts.
Impact of the Funding Round
Trovata, a cash management software developer, has announced its first Series A funding round led by Wells Fargo Strategic Capital, bringing its total funding to $30M.
This funding presents an exciting opportunity for the Trovata team to expand their business, innovate, and provide automated cash management software solutions.
In this article, we will discuss the impact of this funding round.
What the funding will be used for
Trovata, a digital market data and analytics company, has raised $20M in Series A funding led by Wells Fargo Strategic Capital (WFSC), with additional participants including Bank of Montreal, Solaris Bank. This newest investment round follows Trovata’s earlier seed funding from investors including Bloomberg Beta, Index Ventures and Neyber, who all participated in the Series A round.
The funds will support Trovata’s global expansion and product development efforts for its innovative suite of market data products. In particular, the company aims to refine its DataMint process to bring real-time regulatory compliance capabilities to its market intelligence products. In addition, Trovata is investing further resources into building out its global partnerships with banks and other financial institutions to augment the platform’s resources related to financial markets data.
The company also stated it will leverage the fresh capital infusion to fortify the platform’s security operations by driving continued investment in expanding staff levels focused on IT security processes across all platform infrastructure facets.
How the funding will help Trovata
Trovata, a startup that provides solutions to help financial institutions navigate the digital lending space, has announced it has completed a Series A Funding round. This funding of $20 million was led by Wells Fargo Strategic Capital, with participation from existing investors, including Workday Ventures, Georgian Partners and Eleven Ventures.
The new capital raised will help Trovata accelerate product innovation and accelerate growth. Specifically, Trovata will use the new funds to:
-Expand its R&D efforts: One of the company’s biggest areas of focus will be developing its core technology platform to ensure it continues offering best-in-class solutions. This includes leveraging machine learning and artificial intelligence capabilities for more accurate data insights.
-Enhance customer support: The company plans to strengthen its support network for customers with 24/7 access for help through different channels like phone, email or chat support.
-Expand sales and marketing initiatives: Trovata is also looking at expanding its international sales presence to better serve their customers in other countries and focusing on targeted marketing campaigns focused on proactively reaching out to new prospects through various channels.
With this additional capital, Trovata aims to build an integrated platform that allows lenders an end-to-end view of their operations while maintaining data privacy and security controls necessary for regulatory compliance. As a result, with the right resources in place financial institutions can successfully create superior experiences with every transaction they make while addressing the pain points they encounter along the way.