Trovata.io, a San Diego, CA-based provider of automating cash management solutions on open banking, closed a $5.5m seed funding round.
The round was co-led by Fintop Capital and JPMorgan Chase.
In connection with the financing, John Philpott, a Partner at Fintop, joined the board as a director, along with Tim Murphy, Treasurer of Square. Jason Tiede, Managing Director & Global Head of Innovation, Wholesale Payments for JPMorgan Chase, joined as board observer.
The company intends to use the funds to ramp sales and accelerate product development.
Led by Brett Turner, Founder & CEO, Trovata provides an open banking platform that lets companies instantly know how much cash they have, forecast more quickly, and manage cash flow with precision.
Today, the company is helping companies with revenue between $20 million and $2 billion using open banking and machine learning.