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Quovo Unveils New Solutions for Loan Originators and Servicers

 

With a pair of new solutions announced this weekIncome + Expense and Balance Estimator, financial data platform Quovo is helping lenders improve key processes in the lending value chain.

Chief Product Officer for Quovo Niko Karvounis said the new solutions represented “an opportunity to optimize the way our data products work together to provide an improved borrowing experience.” Income + Expense gives lenders a more complete view of cash flow by analyzing and summarizing recurring and irregular income and expense streams. Balance Estimator predicts future account balances as far as 30 days in advance by leveraging historical cash flow data.

The two new solutions can be combined with Quovo’s other technologies – like Aggregation and Authentication – to build a complete, end-to-end, lending solution. Quovo announced its new products during an appearance this week at the Lendit Fintech USA conference.

Seeing significant opportunities for growth in the lending space, Quovo Co-Founder and CEO Lowell Putnam explained how the company would continue to leverage its technology to solve problems in a variety of markets. “We envision our solutions-based strategy, which combines our data products to address specific use cases across financial services, to be the future of our business,” Putnam said. “We look forward to continuing to develop more integrated products and finding interesting ways to package them together to alleviate pain points in lending and financial services more broadly.”

Quovo uses its industry-leading APIs, modular apps, and enterprise solutions to provide insights and connectivity for millions of financial accounts across thousands of institutions. The company participated in our developers conference, FinDEVr New York 2017, teaming up with SoFi for a presentation that discussed how the company’s Bank Authentication API enabled authentication for more than 200 financial institutions.

Quovo began 2018 with the launch of Cue, an alerts engine that uses data science to send notifications to financial advisors about specific account activity or milestones in the client’s life. Also this year, Quovo forged a partnership with Great American Life to integrate data for its fee-based annuity. Back in December, Quovo leveraged its API layer to launch account aggregation modules that give FIs the ability to add PFM functionality to their digital platforms. And last fall, the company introduced its new account authentication solution, Autoverified Microdeposits.

Founded in 2010 and headquartered in New York City, Quovo has raised more than $15 million in funding. Napier Park Global Capital, F-Prime Capital Partners, FinTech Collective, and Long Light Capital are among the company’s investors.