San Francisco-based fintech startup Rivo has raised $2.7 million in Seed funding to expand its operations and accelerate the public rollout of its cash management platform.
The funding round was backed by South Park Commons, Wisdom Ventures, Script Capital, 645 Ventures, 20VC, and Jag Duggal. With this latest investment, the company has raised a total of $3.1 million.
Led by CEO Ambrish Tyagi, Rivo has developed an autonomous cash management platform that helps people make better use of the money sitting in their checking accounts.
The platform connects to users’ existing bank accounts and monitors their cash flow in real time. Instead of leaving extra cash unused, it automatically moves idle balances into higher-yielding U.S. government Treasuries through its banking partner, Jiko.
When upcoming bills or payments are due, the platform automatically transfers the required funds back into the user’s checking account. This allows users to earn more on their unused cash without changing banks or managing transfers themselves.
The company recently launched its platform to the public after completing its beta testing phase.
Rivo plans to use the new funding to grow its team, expand operations, and bring its automated cash management solution to more users.
