JPMorgan partners with Treasury Fintech Startup Trovata

• Trovata, a cash management fintech startup, has partnered with JPMorgan Asset Management.
• The Californian firm, founded in 2016, will host Morgan Money on its platform.
• Trovata already works with the likes of Square, Etsy and Krispy Kreme.

JPMorgan has continued its push into fintech with a partnership with US cash management startup Trovata.

Founded in 2016, California-based Trovata has been repeatedly backed by JPMorgan and has raised $57.6 million from investors to date. The startup offers cash management services to businesses through an API.

Corporate finance and finance professionals can connect to Trovata’s platform to manage forecasting, reporting and analytics amid a boom in interest for start-ups offering treasury management and FinOps services in Europe and the US.

The tie-up will see Trovata host Morgan Money, JPMorgan’s trading and risk management infrastructure, on its platform. Essentially, companies have better monitoring of their cash at all times and can then use it elsewhere to earn higher returns, with Trovata suggesting a 3% to 4% return on “empty cash from operations.”

The San Diego-based startup works with international companies such as Square, Etsy and Krispy Kreme who use the platform to trade across global portfolios in different currencies with multiple settlement times. JPMorgan has increased its focus on fintech over the past two years and hired former PayPal CEO Peggy Mangot as head of fintech partnerships in May 2022.

Among the banking giant’s moves to date have been deals to buy UK wealth management start-up Nutmeg and payments company Renovite, while Insider previously reported that JPMorgan was eyeing other fintech acquisitions amid a decline in valuations for consumer-facing financial services companies in areas such as trading and savings .

In addition, JPMorgan partnered with Colombian fintech OmniLatam in June 2022, after the SME lending startup bought back from now-bankrupt buyer Greensill, and bought a 49% stake in Greek fintech Viva Wallet.

More recently, the bank had been in talks about a potential strategic investment in UK open banking fintech Yapily, but then decided against the deal, Insider exclusively reported.

“Now more than ever, corporate financial investors need a fully integrated trading solution for their liquidity needs,” Paul Przybylski, head of product strategy and Morgan Money at JPMorgan Asset Management, said in a statement.

“Bringing two of the newest and fastest growing experiences in corporate finance and treasury together makes for a powerful combination for our clients.”