Trovata, a cash and liquidity management platform, has announced the acquisition of Atom, a treasury management system (TMS), along with securing $9 million in funding.
Atom, developed by Financial Sciences Corporation, features comprehensive treasury functionalities such as support for debt and investment instruments, intercompany transactions, in-house bank functions, credit facilities, foreign exchange hedging, and full domestic and international payment workflows, as well as bank fee analysis and account management.
This acquisition will enable Atom’s integration into Trovata’s cloud-native platform, designed using corporate banking APIs and artificial intelligence. Trovata positions this as the first viable modern alternative to traditional TMS offerings.
Additionally, Trovata has successfully raised $9 million in a Series B extension, with investments coming from State Street and The PNC Financial Services Group. This brings the company’s total funding to $80 million, with notable investors including JP Morgan, Wells Fargo, National Australia Bank, Capital One Ventures, and Mastercard.
Brett Turner, CEO of Trovata, remarked, “There hasn’t been a new TMS developed in nearly three decades. We have pioneered corporate banking APIs and are the only true cloud-native treasury platform on the market with significant scale. With ATOM, we now possess the capability to directly compete with legacy providers and take their place. This represents not just growth but a generational shift in treasury technology.”