WILMINGTON, DEL. (June 17, 2020) — Quavo, Inc. whose flagship software product resolves fraud and disputes in financial transactions, has received a multi-million dollar investment from revenue-based financing firm Decathlon Capital. Quavo will use the funding to enhance the company’s software as a service platform and expand the company’s sales and marketing capacity.
The Delaware-based company was founded in 2016 and has grown rapidly as the rise of e-commerce and recurring payments has fueled all-time record levels of digital financial transactions. Quavo developed powerful software products that process and resolve transaction disputes in a fraction of the time of traditional solutions, increasing client satisfaction and reducing the burden on front-line employees.
“Quavo empowers our financial partners to make transaction dispute resolution immediate and friction-less,” said Quavo CEO and Co-founder Richard Jefferson. “By partnering with Quavo, financial institutions surprise and delight their clients with speedy, superior service during a time that normally can be difficult and stressful. Our BPaaS offering even provides options to outsource back office dispute investigations. We welcome Decathlon Capital’s support in bringing this technology to a wider market.”
Quavo directly addresses the estimated 150 billion card transactions that occur each year in the U.S., of which approximately 110 million are disputed. That number of card transactions continues to climb as recurring payments, ecommerce and digital transactions surge.
“As financial transactions continue growing, banks and credit unions are struggling to keep pace with the volume of transaction disputes,” said Quavo CFO and Co-founder Dan Penne. “Oftentimes these disputes are resolved manually by departments that are siloed and inefficient, leading to a confusing, conflicting and cumbersome dispute resolution process. Quavo’s software platform speeds up the process, allowing financial institutions to focus on delivering superior service to their clients.”
John Borchers, Decathlon Capital’s managing partner, said the firm’s confidence in the Quavo team and the market opportunity made investing in Quavo an easy decision, given the revenue-based financing firm’s philosophy. “Quavo has a seasoned and innovation-minded team — that is already evident in the powerful financial solution they have developed,” said Borchers. “Our investment is a vote of confidence in their ability to continue revolutionizing the way financial institutions utilize technology to resolve transaction disputes.”