Capital One is limiting how account data flows to outside apps for managing finances. Quovo, a startup that provides fintechs with connections to banks, hasn’t faced issues with Capital One in recent weeks, according to a statement from Niko Karvounis, chief product officer.
Quovo in the News
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Quovo CEO Lowell Putnam on the lessons that incumbent financial institutions can learn about building a brand from direct-to-consumer retailers.
Quovo, a New York-based startup that collects and aggregates data from customer bank accounts and other financial accounts, has added $4 million in additional Series B funding.
“An important part of improving our lending ecosystem is stripping the stigma from lending products that are used by lower-income borrowers,” said Quovo CEO Lowell Putnam. “Creating a holistic view of the borrower depends on alternative data sets, and fintech companies have already taken the lead leveraging alternative data for credit decisions.”