Portag3 Ventures invests US $4.8M in Quovo’s Canadian expansion

Quovo, Inc., a data platform that provides connectivity to consumer financial accounts, has expanded into Canadain market with the backing of Portag3 Ventures.

Financial terms of the transaction were not disclosed. Portag3 Ventures, exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., has likely invested US $4.8 million in Quovo as part of Series B add-on, bringing Quovo’s total funding to US $20 million. Quovo has previously raised approxiatemly US $15.2 million in Series A and B financing from F-Prime Capital, Napier Park Financial Partners, FinTech Collective and Long Light Capital.

Portag3 Ventures’ investment will enable Quovo to to build out a regional team, deliver on Canadian consumer requirements, and fuel innovation in Canadian financial services.

Quovo is partnering with Canadian fintech companies and incumbent institutions alike to provide enhanced account connectivity and to enable Canadians to make healthier financial decisions.

photo credit: Quovo, Inc.

News Release

Quovo Announces Expansion into Canada

Investment from Portag3 Ventures will fuel financial account data platform’s entrance into new market

TORONTO, May 2, 2018 /CNW/ — Quovo, a data platform that provides connectivity to consumer financial accounts, today announced its expansion into the Canadian market. The expansion is facilitated by an investment from Portag3 Ventures, a leading Canadian-based venture capital firm exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc. The investment brings Quovo’s total funding to date to $20 million.

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.

“Canada holds immense growth potential for Quovo and we’re excited to replicate our US success in the Canadian market, which is home to a thriving fintech ecosystem and financial institutions hungry to adopt innovative technologies,” said Lowell Putnam, CEO and co-founder of Quovo. “The decision to raise funding from Portag3 was about much more than capital. Portag3 is well connected in the Canadian financial services industry and is helping us to hit the ground running as we work to establish ourselves in the market.”

“The Canadian market holds tremendous promise for aggregation and we believe Quovo is the global market leader. We are excited to be their partner as they expand into markets outside the United States,” said Adam Felesky, President of Portag3 Ventures.

Quovo is partnering with Canadian fintech companies and incumbent institutions alike to provide enhanced account connectivity and to enable Canadians to make healthier financial decisions.

“While we’ve already expanded our Canadian institutional coverage and updated our data model to include Canadian financial account types, our expansion into Canada isn’t just about product localization—we’re fully committed to building a sustainable business to support the country’s growing financial services sector,” said Brad Joudrie, Director of Quovo in Canada. “The investment from Portag3 will enable us to build out a regional team, deliver on Canadian consumer requirements, and fuel innovation in Canadian financial services.”

About Quovo:
Quovo is a data platform that provides 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 how Quovo can help you, 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.

For more information, contact:

Adam Daifallah
514-316-7089
adaifallah@hatleystrategies.com.

Contact: Natalie Giannangeli, Quovo
(212) 643-0695
natalie.giannangeli@quovo.com

SOURCE Quovo

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.