Trovata buys ATOM to compete with legacy TMS vendors

Turner: we have the firepower to compete directly with the legacy incumbents...

Trovata is to acquire ATOM, the enterprise Treasury Management System (TMS) developed by Financial Sciences Corporation. The move boosts Trovata into the ranks of the major TMS providers, adding services such as debt and investment instruments, intercompany transactions, in-house bank support, credit facilities, FX hedging, full domestic and international payment workflow, bank fee analysis and bank account management to its platform. 

At the same time, Trovata announced a $9 million extension to its Series B round from new investors State Street Corporation and The PNC Financial Services Group. This brings the company's total funding to $80 million, with over $50 million previously raised from a consortium of some of the world's largest financial services companies, including J.P. Morgan, Wells Fargo, National Australia Bank, Capital One Ventures, and Mastercard.

"There hasn't been a new TMS built in nearly three decades," said Brett Turner, Founder and CEO of Trovata. "We pioneered corporate banking APIs and the only true cloud-native treasury platform in the market with meaningful scale. Now, with ATOM, we have the firepower to compete directly with the legacy incumbents—and replace them. This isn't just expansion. It's a generational shift in treasury tech."

Alf Newlin, Co-Founder and CEO of Financial Sciences, added: "ATOM was built for complexity and designed to serve Fortune 500 treasury teams with global scale. Combining our comprehensive and battle-tested treasury system with Trovata's platform architecture and bank distribution model creates a solution that's both powerful and unmatched."