Quovo, a data aggregation platform used by financial institutions, wealth advisers and fintech startups to give their customers a full view of their accounts, has raised $10 million.
The Series B funding round is intended to boost the growth of Quovo's data analytics offerings, which include application programming interfaces and dashboards for bank authentication and financial account aggregation.
The funding comes as the financial services industry continues to search for safer ways than screen scraping for customers to share their account data with third-party apps. Quovo uses a combination of direct feeds, common file standards (such as Open Financial Exchange), private APIs and web crawling (which is different than scraping), a spokeswoman said.
The capital should also help Quovo remain an independent aggregation firm, an important goal to CEO and co-founder Lowell Putnam. Quovo has watched as competitors have been acquired over the past 12 months by financial institutions seeking big data capabilities.
Quovo now has its hand not only in banking but also in lending and insurance. Its offerings have become similarly versatile. Its new bank authentication API, for instance, requires only a few lines of code to be embedded into any website or mobile app, according to a news release issued Wednesday.
"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," Putnam said in the release. “This new funding will enable us to build upon our success and help anyone trying to innovate or disrupt within financial services."
The venture capital firm F-Prime Capital led the round along with the private equity group of Napier Park Global Capital. As part of the investment, Ned May, a principal at Napier, will be joining Quovo's board.
"Quovo's rapid growth across multiple industry verticals underscores the strength and importance of its platform," May said in the release.