NEW YORK, June 13, 2018 /PRNewswire/ -- Quovo, a data platform providing connectivity to consumer financial accounts, today announced it has extended its Series B round, bringing the firm's total funding to $20 million. Investments came from Portag3 Ventures, a leading 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 leader.
Quovo provides companies with connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions. Quovo's technology retrieves, organizes, and analyzes data from across the full breadth of financial accounts. Leading financial services companies, such as SoFi and Betterment, rely on Quovo to provide the data and insights they need to predict, transact, and personalize their services more effectively and with greater confidence.
"Salesforce Ventures and Portag3 Ventures are well-established in their spaces: Salesforce pioneered the software as a service model and they'll be an excellent resource for Quovo as we continue to expand. Portag3 is a leading investor in Canadian fintech and their strong connections have already helped us to cultivate relationships quickly in the Canadian market," said Lowell Putnam, CEO of Quovo. "Salesforce and Portag3 bring an immense amount of strategic value to Quovo and everyone at the company is excited to have their support."
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.
Quovo is a data platform providing connectivity to consumer financial accounts. Quovo centralizes, organizes, and enriches data from millions of accounts across more than 14,000 institutions to provide businesses with a comprehensive picture of each customers' financial identity. With industry-specific solutions, clients from emerging fintech startups to Fortune 500 companies rely on Quovo for its seamless technology and rich data insights to deliver more personalized and frictionless customer experiences. Quovo's unparalleled coverage of the financial ecosystem, powerful data analytics, and flexible deployment options propels businesses in uncovering opportunities to grow their relationships with customers.
To learn more about Quovo, please visit www.quovo.com.
About Portag3 Ventures:
Portag3 Ventures is an early-stage investor dedicated to backing innovating financial services companies working to benefit all consumers. Exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., Portag3 gives new ideas a unique environment to grow. Portag3 makes longer-term commitments, and, combined with its industry intelligence, is an ideal partner for the ambitious and creative entrepreneur.
About Salesforce Ventures:
Salesforce, the global CRM leader, empowers companies to connect with their customers in a whole new way. Salesforce Ventures—the company's corporate investment group—invests in the next generation of enterprise technology that extends the power of the Salesforce Intelligent Customer Success Platform, helping companies connect with their customers in entirely new ways. Portfolio companies receive funding as well as access to the world's largest cloud ecosystem and the guidance of Salesforce's innovators and executives. With Salesforce Ventures, portfolio companies can also leverage Salesforce's expertise in corporate philanthropy by joining Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 250 enterprise cloud startups in 14 different countries since 2009. For more information, please visit www.salesforce.com/ventures.
Contact: Natalie Giannangeli, Quovo