Financial data platform Quovo has completed a $10 million Series B round led by F-Prime Capital and private equity firm Napier Park Global Capital. The funds are earmarked for product development.
Quovo provides access to financial account aggregation and analytics via APIs and front-end dashboards for insurance, lending and banking companies. Its current offerings include Bank Authentication API and Quovo Connect, a module improving the process of adding financial accounts from multiple institutions. Both can be quickly embedded into website and mobile apps.
Quovo cofounder and CEO Lowell Putnam explained his company’s value proposition.
“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.”
F-Prime Capital partner David Jemen and Napier principal Ned May are joining the Quovo board.
“We seek opportunities to back differentiated platforms with leading management teams and provide the resources and deep financial services expertise that enable innovative growth companies to reach their full potential,” Mr. May said. “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.”