Quovo Brings Total Funding to $20 Million After Closing Series B Funding Round Extension

By STS News Desk On Jun 20, 2018

Combined investment from Portag3 Ventures and Salesforce Ventures supports company’s continued expansion in the US and Canada

Quovo, a data platform providing connectivity to consumer financial accounts, 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.

Lowell Putnam

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.

Lowell added, “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.