JP Morgan-backed US Trovata to launch in London and Amsterdam

A US banking tech startup backed by US banking heavyweight JP Morgan Chase is set to launch in London and Amsterdam as it announces a $27m funding round.

California-based Trovata, which launched in 2019, helps companies aggregate bank balances and transactions through open banking technology.

Using open banking technology, as well as AI and machine learning, it can automate workflows, like cash reporting, analysis and forecasting through the technology quicker than legacy bank systems.

The news of its expansion into the UK and the Netherlands was broken by Sky News, which also revealed it would announce a $27m Series B funding round.

The funding round is being led by Fin Capital with funding also coming from existing backing including JP Morgan Chase Strategic Investments, Wells Fargo Strategic Capital, Capital One Ventures and Pivot Investment Partners.

JP Morgan Chase launched its UK neobank brand Chase in September 2021 and has already amassed half a million customers.

Trovata raised $20m in a Series A in early 2021, in a round led by Wells Fargo Strategic Capital. 

Trovata, which claimed to be the fastest-growing treasury platform in the US, is headed up by Brett Turner, founder and CEO, who has previously worked at Deloitte and Amazon.

It claims it is helping “many of the world’s largest financial institutions digitally transform commercial and corporate banking with its growing network of direct API integrations”.

"We've not only built out the largest library of corporate banking APIs in the world, we've also built an entirely new end-to-end platform, an operating system to manage cash better, faster, and smarter,” Turner told Sky News.

Turner said the fresh fund would "allow us to help more businesses optimize and grow, which is critical given how fast things can change in today's marketplace".

"The wave of open banking and open finance is making its way from consumer and small business into mid-market and enterprise," Logan Allin, managing partner and founder of Fin Capital, said.

"Trovata is helping banks bridge the gap as a tech platform for their clients that goes beyond what the traditional online banking portals provide."

Earlier this year, Trovata inked a distribution agreement with the US credit card firm Capital One, which is to market and refer Trovata’s cash management platform to new and existing commercial and corporate banking clients.

Trovata did not respond at the time of publication.