Quovo

The firm's core business was aggregating financial data from thousands of institutions, including bank, investment, loan, and insurance accounts. Through its suite of APIs, Quovo allowed other businesses to access and analyze this consumer-permissioned data. Its client base was diverse, ranging from fintech startups like Betterment, SoFi, and Wealthfront to established financial giants such as Vanguard, John Hancock, and Empower Retirement. Revenue was generated by providing these API-delivered products that enabled companies to build applications for everything from wealth management to lending and payments.

Quovo's product suite included tools for data aggregation, account authentication to verify account validity for payments, and data-driven insights for applications like cash flow modeling. This enabled their clients to create more personalized and streamlined experiences for end-users, such as giving financial advisors a complete view of their clients' portfolios or allowing lenders to estimate a borrower's income without requiring tax returns. By the time of its acquisition, the platform supported over 14,000 institutions and had processed data for over a trillion dollars in assets. In a significant milestone for the fintech sector, Quovo was acquired by its competitor Plaid in January 2019 for a reported price of approximately $200 million. The acquisition was a strategic move by Plaid to integrate Quovo's strength in investment and brokerage data aggregation, thereby creating a more comprehensive data infrastructure platform for consumer finance.