Financial data platform Quovo has bagged an undisclosed investment from Portag3 Ventures, alongside the company’s launch in Canada.
While the investment was undisclosed, it brings its total funding efforts to $20m. Last year, the company received a $10m Series B from F-Prime Capital and Napier Park Financial Partners, which brought its total capital raised to $15m.
New York-based Quovo is a data platform that provides enterprises with connectivity and insights to consumer financial accounts. It also augments data from millions of accounts across 14,000 institutions to help build a consumer’s financial identity.
Its API solution enables a client to connect bank, brokerages, 401 (k)’s and more to build a complete financial picture. Products provided include PFM modules, balance estimator, account data verification and income and expenses analysis.
Quovo’s Authentication API claims to instantly access key account data to verify account ownership, facilitate payments and transfers, and autopopulate forms – streamlining the process of opening and funding new accounts.
Its API-delivered Autoverified Micro-deposits (AVMs) couples account aggregation with micro-deposits to parse transaction history and automatically confirm that the test deposits have entered the specified account, simplifying the onboarding experience and reducing client drop-off. Its multiple authentication methods enables financial services providers, from FinTech to enterprise, to deliver user experience-friendly account verification, client onboarding, and ACH transactions.
Quovo director Brad Joudrie said, “While we’ve already expanded our Canadian institutional coverage and updated our data model to include Canadian financial account types, our expansion into Canada isn’t just about product localisation—we’re fully committed to building a sustainable business to support the country’s growing financial services sector.
“The investment from Portag3 will enable us to build out a regional team, deliver on Canadian consumer requirements, and fuel innovation in Canadian financial services.”
Following the investment, the company is partnering with Canadian FinTech companies and incumbents to create deeper account connectivity and aid Canadians with financial decisions.
This investment marks Portag3’s fifth investment into a FinTech company this year. Last month, the firm co-led the $29m Series B round of insurance robo-advisor Clark, as well as a contribution to digital health insurance company Alan’s €34m round.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
