Trovata, a promising fintech startup, approached Uptech Studio in 2017 with a significant challenge. They had a functioning Minimum Viable Product (MVP) with considerable potential, but needed to enhance and expand on the basic features to drive significant value for customers. With an ambitious goal of securing a substantial seed investment, Trovata required an experienced team to refine their solution and prove their capability to prospective investors.
Trovata's MVP was built using vanilla JavaScript for the frontend and Java using the Spring framework for the backend. However, the resource constraints from their Angel round funding resulted in an incomplete product that couldn't adequately demonstrate their innovative idea: streamlining cash reporting, forecasting, analysis, and money movement for large businesses.
Their primary challenge was to prove to investors that they were capable of delivering an exceptional product that addressed their customer's pain points. This challenge required refining existing features and adding new functionality, including cash reporting and forecasting, bank account integration, data exporting, and report generation.
Uptech Studio quickly assembled a small agile team of developers led by Claude Ciocan to work alongside Trovata's team, led by Brett Turner, Trovata's founder. Through this collaboration, we efficiently prioritized tasks and features, focusing on those that would significantly impact Trovata's ability to secure funding. Our flexible approach enabled us to deliver value while managing the technical debt inherent in all software startups.
During the engagement, Uptech Studio developed features that significantly improved the user interface of Trovata's platform. For example, we revamped the cash projection interface, allowing users to quickly update and iterate on their forecasts. We also facilitated custom data exporting, enabling Trovata's clients to integrate their financial data into other business-critical applications, boosting product adoption.
Additionally, we refined Trovata's Microsoft Excel Add-in to further ease access and upload of financial data for Trovata users. All the while, we addressed the feedback of early adopters and beta users. To improve development efficiency, Uptech Studio initiated the integration of reliable open-source technologies in place of custom solutions, allowing for quicker feature deployment.
Our joint efforts culminated in Trovata successfully raising a $5.5 million seed round in 2019, led by JPMorgan Chase, proof of their promising vision and solid execution. This funding enabled Trovata to hire a full-time engineering team to continue product development and growth.
Uptech Studio ensured a smooth transition by assisting with the knowledge transfer to Trovata's new in-house team, fostering their ability to deliver high-quality software solutions independently.
"Uptech Studio's expertise and dedication were instrumental in helping Trovata secure our seed funding. Their team's agile methodology and technical acumen helped us turn our MVP into a product worthy of investor confidence. Their commitment to a seamless knowledge transfer allowed us to continue our journey independently and confidently. Working with Uptech Studio was a great decision for Trovata."
- Brett Turner, Founder & CEO Trovata
Starting with a promising MVP, Uptech Studio helped Trovata refine the product, address essential pain points, and raise a substantial seed investment of $5.5 million. After Trovata successfully secured funding, Uptech Studio ensured a seamless transition of knowledge and tasks to their newly hired in-house team, which prepared Trovata for continued growth and innovation built upon a sturdy foundation.
Uptech Studio’s engagement with Trovata went beyond software development. It was about enabling a promising fintech startup to build momentum, achieve business milestones, and facilitate an internal development team successfully taking over the ongoing work.
Trovata’s experience with Uptech Studio embodies the studio’s dedication to truly partner with founders to help them reach their goals, make great products, and lay a good foundation for the future. Trovata’s immediate and later successes underscore the transformative impact of Uptech Studio’s expertise and services.
Trovata has since gone on to raise an additional $50 million in subsequent rounds of funding from strategic investors like JPMorgan Chase, Wells Fargo, Capital One Ventures, and NAB. They continue to revolutionize the fintech space with their automated cash management solution, which is now trusted by companies like Square, Etsy, Bosch, Krispy Kreme, Draft Kings, and many more to manage over $100 billion in cash daily.
Uptech Studio remains committed to empowering businesses, assisting founders in realizing their visions, and facilitating their transition towards becoming independent, successful businesses. Uptech Studio is proud of their partnership with Trovata and the shared success that collaboration brought.
Are you part of a growth-oriented company who wants a partner to help navigate your unique challenges and realize their ambitions? Contact Uptech Studio today.
