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.
US data platform Canada, which connects and analyses consumer financial accounts for 14,000 companies and institutions, has extended its series B funding to bring its total backing up to $20m. Investors included Portag3 Ventures, IGM Financial, Great West-Lifeco and Salesforce Ventures. Its customers include financial services companies SoFi and Betterment, which use the company’s systems to predict opportunities and personalise their services. The latest financial backing will support growth plans including building a customer base in Quovo and expanding the types of accounts it handles.