FinTechAutomationTrovata.io adds treasurer to board as $5.5M seed funding completed

Trovata.io adds treasurer to board as $5.5M seed funding completed

Square Treasurer Tim Murphy added to Board as investment co-led by FINTOP Capital and JPMorgan Chase will be used to develop sales and accelerate product development.

Trovata.io – the firm that specialises in automating cash management on open banking that’s a favourite of many treasury departments – has raised $5.5m in seed funding on its oversubscribed second closing.

FINTOP Capital joined JPMorgan Chase on its initial strategic investment in December to co-lead the round.

In connection with the financing, John Philpott, a Partner at FINTOP, joined the board as a director, while Jason Tiede, Managing Director & Global Head of Innovation, Wholesale Payments for JPMorgan Chase, joined as board observer.

Innovation in treasury

In an interesting move that strengthens Trovata’s focus on treasury, the San Diego-based business also announced that the Treasurer of Square, Tim Murphy, has joined its board of directors.

Murphy brings over 20 years of experience building and growing treasury organizations at fast growing companies like Amazon and Getty Images. Since 2015, he has demonstrated the strategic importance of corporate treasury for driving successful financial outcomes at Silicon Valley technology leader, Square.

“There’s been very little innovation in the treasury space for the past 10 years,” said Tim Murphy, Treasurer of Square. “I’m excited to be a part of advancing Trovata’s technology and help it democratize the treasury function for a massively underserved broader market beyond large corporates.”

Disruptor

With the completion of its seed funding, Trovata.io is poised to disrupt corporate finance and treasury operations. Funds will be used to ramp sales and marketing, accelerate product development, and add new team members to continue its rapid expansion since its launch late last year.

“As former fintech operators, we think there’s huge potential for transformation in treasury services,” said John Philpott, Partner at FINTOP Capital. “Trovata is rapidly emerging and really well positioned to disrupt the space.”

“Not only will the additional funds allow us to quicken our pace, but adding such an accomplished group of executives from corporate treasury and banking to Trovata’s board to help us as we move forward is a tremendous boost,” said Brett Turner, Founder & CEO.

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