Quovo, a data platform providing insights and connectivity for financial accounts, announced Wednesday (April 26) that it has raised $10 million in Series B funding.
In a press release, the company said F-Prime Capital and Napier Park Financial Partners co-led the round and were joined by existing investors, FinTech Collective and Long Light Capital.
Quovo said it will use the funds to accelerate the growth of its suite of data analytics offerings, which include the company’s recently launched Bank Authentication API and Quovo Connect module.
According to Quovo, demand for high-quality financial account data is rapidly growing, as the broader financial services industry turns to data to optimize their client relationships and drive valuable insights. As a result of this trend, Quovo said it has expanded across multiple financial services verticals, offering solutions for banking, lending, insurance and more.
That expansion has most recently resulted in the launch and growth of its Bank Authentication API and the launch of Quovo Connect, an easy-to-use module that offers the ability to add financial accounts from thousands of institutions. The new Bank Authentication API and Quovo Connect are both able to be embedded into any website or mobile app with just a few lines of code.
“We’re excited to see the continued traction and adoption of our services across the financial services and FinTech space,” said Lowell Putnam, CEO and co-founder of Quovo in the press release. “Our mission to help firms build strong, data-driven client relationships is shared by the smallest startups and some of the country’s largest institutions. Investors are committed to helping Quovo flourish, validating our success to-date and helping us drive the innovation our customers demand. This new funding will enable us to build upon our success and help anyone trying to innovate or disrupt within financial services.”
The company said David Jegen, a partner at F-Prime Capital, and Ned May, a principal at Napier Park Financial Partners, will both join the board of directors at Quovo.
“Quovo’s rapid growth across multiple industry verticals underscores the strength and importance of its platform, and we are thrilled to partner with Lowell and the entire team to support Quovo’s next phase of growth,” said May in the release.