Quovo Brings Total Funding to $20 Million
Consumer financial account data platform Quovo extended its Series B round, bringing the firm’s total funding to $20 million. Investments came from Portag3 Ventures, a Canadian-based venture capital firm exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc, and Salesforce Ventures, the corporate investment group of the global CRM company.
Quovo’s goal is to provide companies with connectivity and insights for millions of consumer accounts across 14,000 different institutions. The company’s technology is designed to retrieve, organize, and analyze data from across the full breadth of financial accounts. Leading financial services companies SoFi and Betterment rely on Quovo to provide the data and insights they need to predict, transact, and personalize their services.
Capital from Salesforce Ventures provides additional support for Quovo’s growth plans, including executing an extensive hiring plan, relocating its headquarters to a larger space, and continuing to develop the capabilities of its technology. The investment from Portag3 Ventures is enabling Quovo to build out a presence in the Canadian market, including the expansion of its institutional coverage and data model to include Canadian firms and financial account types.
