J.P. Morgan Asset Management has partnered with Trovata to enhance the bank's corporate investing and trading platform, Morgan Money. According to Trovata, this is the largest deal it's made to date.
San Diego-based Trovata will host Morgan Money, where the fintech will provide forecasting, reporting and analysis for users, the companies announced Monday. The partnership marks the first time Trovata will host a third-party app.
J.P. Morgan Asset Management, which has $2.3 trillion of assets under management, tapped Trovata as a partner to help corporate clients invest excess cash and bring in higher yields amid rapidly rising interest rates. Morgan Money has an average daily gross trading volume of more than $5.6 billion, over 1,900 clients and more than $200 billion of assets under management, per its website.
Trovata said in a release that businesses could potentially generate as much as 3% to 4% of interest income from idle cash with its automated forecasting solutions.
"Now more than ever, corporate treasury investors need a fully integrated trading solution for their liquidity needs," Paul Przybylski, head of product strategy and Morgan Money at J.P. Morgan Asset Management, said in a prepared statement. "Bringing two of the newest and fastest growing experiences in corporate finance and treasury together makes for a powerful combination for our customers."
The partnership is the banking giant's latest commitment with Trovata. In June, the fintech
JPMorgan Chase has made several moves to beef up its fintech presence recently. In the spring it hired Peggy Mangot as its head of fintech partnerships for commercial banking. It has acquired the cloud-native payments fintech Renovite Technologies, the cloud-based share plan management provider Global Shares and a 49% stake in Viva Wallet, a cloud-based payments fintech based in Europe, this year.
"Finance and treasury clients are seeking to automate and streamline how their work gets done each day," said Trovata Founder and CEO Brett Turner in a prepared statement. "The tools of the job have to be newer, smarter, faster, easy to use and easy to set up. We expect that Trovata and Morgan Money will be the go-to modern toolbox to manage cash and investments."
Trovata used the funding from the summer to expand, including by opening offices in Europe. In August, Banco Santander in Madrid, the fintech's first non-U.S. partner, announced it would market and refer Trovata to its corporate and investment banking clients.
Trovata's customers, including Square, Etsy and Krispy Kreme, use the company for cash management from all their banks and accounts.
