In a Series A funding round led by FINTOP Capital, automated fraud and dispute resolution solution provider Quavo has raised $6 million in funding. The financing, according to FINTOP partner John Philpott, will help the company “expand their go-to-market strategies, grow their brand, and add further expertise fo the Quavo ecosystem.”
Founded in 2015, Quavo offers a chargeback management solution for fintechs and financial institutions that provides automatic regulatory, card network association, and product enhancement updates. The company’s Disputes-as-a-Service technology is cloud-based, and integrates with core banking platforms, financial service providers, and merchant collaboration software with zero upfront implementation costs. With its AI-enabled fraud management solution, ARIA; its automated dispute management software, QFD, and its human intelligence service, Dispute Resolution Experts; Quavo offers end-to-end dispute management that helps financial services firms reduce losses and provide real-time resolutions while remaining compliant.
“We are incredibly excited about our Series A raise,” Quavo co-founder and Managing Partner Joe McLean said. “FINTOP has a fantastic reputation, depth of knowledge in the financial services space, and its team is comprised of genuine and authentic leadership.”
Speaking of leadership, the investment comes as Quavo announces the formal creation of its board of directors, which will feature FINTOP partners John Philpott and Jared Winegrad as board members. Quavo co-founder and managing partner Dan Penne credited FINTOP for its “specialization in fintech and familiarity scaling companies to the next level.” He added, “Access to the FINTOP network and this infusion of capital will drive advances in Quavo’s products and services for existing and future clients.” Among the fintechs in FINTOP’s portfolio are firms such as FISPAN and Digital Onboarding, both Finovate alums.
Quavo’s recent fundraising is the second major capital infusion in recent years. In June of last year, the company announced a “multi-million dollar funding round” from Decathlon Capital. More recently, Quavo was recognized as a “Rising Star” at the 2021 Pega Partners Innovation Event in May for its work with credit unions and regional banks in particular.
“Our mission from day one was to create a complete Disputes-as-a-Service offering,” Quavo co-founder and Managing Partner Richard Jefferson said upon receiving the Rising Star award from Pegasystems. “The capabilities of the underlying Pega platform allowed us to accomplish this quickly and economically, which has enabled us to capture the imagination of the market. We thank our key vendor Pega for recognizing this accomplishment.”
Quavo’s clients include banks such as KeyBank, TD Bank, and Euro Pacific Bank; credit unions including NASA FCU, Schools First FCU, and Patelco CU; as well as fintechs like ADP, CardWorks, and Green Dot. The company is headquartered in Wilmington, Delaware.
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