Incline · · 36 min

Trovata Lets an Agent Settle Intercompany Cash Inside Treasury's Controls

With Brett Turner

Key takeaways

  • Trovata has raised roughly $80 million, largely from banks including Wells Fargo Strategic Capital, J.P. Morgan, State Street and PNC.

  • Public companies onboarding to Trovata can now set up an agent to move a stablecoin between wallets and settle intercompany receivables and payables.

  • Brett Turner says yield is not the main concern for corporate treasury: it is liquidity and access to cash.

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0:00Corporate treasury meets stablecoins as a new mainstream story1 of 10

Summary

Brett Turner says corporate treasurers want liquidity and controls, not yield, and Trovata now lets public companies use agents to settle intercompany balances on chain.

Trovata, the corporate cash and treasury platform founded by Brett Turner, has raised roughly $80 million, largely from banks including Wells Fargo Strategic Capital, JPMorgan, State Street and PNC. Public companies onboarding now can set up an agent to move a stablecoin between wallets and settle intercompany receivables and payables.

Replacing old treasury systems

Brett Turner started Trovata in 2016 on the view that nobody had built a new treasury management system in nearly three decades. He points to Quantum, once part of SunGuard and FIS, which he says has been around maybe 45 years.

Turner says Trovata was the first company to build APIs in corporate banking and has become a de facto standard for normalizing data across banks. The platform is cloud native and serverless on AWS. Block is one of its earliest customers, using it to manage data at scale.

“Yield isn't your number one thing when it comes to the corporate side. It's it's liquidity. Access to cash is not... You know, you're not focusing on optimizing, you know, interest income on some of your ex... You know, on on your operating cash.”
Brett Turner

Banks as investors

Turner lists JPMorgan, Wells Fargo, Capital One, NAB, State Street and Mastercard among the backers of Trovata, calling them a consortium of investors. He says enterprise customers give less forgiveness than consumers do, so a startup has to get things right.

Liquidity over yield

While banks and crypto argue over stablecoin yield, Brett Turner says treasurers are not trying to optimize interest income on operating cash. Their concern is liquidity and access to cash.

Agents and stablecoins

After a deeper look at whether stablecoins were ready, Brett Turner says the market is starting to hit an inflection point. Trovata announced an early partnership with Paxos and now has a stablecoin on the platform, which public companies can use through agents to settle intercompany balances.

The company has been in market a little over seven years and fully remote for six, with staff in Australia and Europe. Turner moved from San Diego to Sarasota, Florida about two months ago.

Brett Turner sees stablecoins as a driver of change in finance, with AI as a tailwind working alongside them. He says the two together are creating a flywheel of change that is only speeding up, and Trovata is building its agent and stablecoin tools around that view.

Block, Coinbase, Adobe, and Deloitte come up most.

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