Triple, a fintech data enrichment services startup based in London, has recently announced the successful completion of a $7.5 million Seed round. The startup has big plans for the investment, aiming to further develop its fintech infrastructure services.
If one has ever found themselves rummaging through their bank statements in search of a specific transaction, they understand how daunting and time-consuming that task can be. Now, imagine this process on a much larger scale, and the need for a more efficient and accurate method becomes abundantly clear.
This is where Triple comes in, offering financial institutions the capability to provide their customers with a streamlined and reliable mechanism for organizing and identifying transactions.
Although Triple originally set out to create an automated rewards marketplace to complement transaction data, the founders soon realized a major obstacle. In order to map transaction descriptions to specific merchant counterparts, they needed to first decipher and interpret the raw data.
Mario Navarro, the CEO of Triple, elaborated on this insight, stating, “After meeting with many banks and fintechs, it was clear that this problem was extended within the financial industry. So we started focusing on solving this and helping banks get access to better data, prioritising accuracy and security.”
In their pursuit to resolve this challenge and support their rewards marketplace product, Triple inadvertently developed a solution that had far-reaching implications beyond their initial intentions.
Established in 2021, Triple boasts that its API for transaction enrichment has processed billions of transactions and has formed partnerships with over 20 banks and fintechs globally, including notable names like Pleo, Trade Republic, and Ben.
The Seed round for Triple was spearheaded by TX Ventures, with participation from Form Ventures, Portfolio Ventures, Neosfer, and Core Angels Barcelona, as well as prominent entrepreneurs such as Paul Forster from Indeed and Pedro Tortosa from Devo.
Jens Schleuniger, the managing partner of TX Ventures, expressed admiration for Triple’s innovative solution, stating, “We realised that accurate transaction data enrichment is an important albeit complex problem to solve after talking to a number of financial institutions. Apart from the strong founding team we were particularly impressed by the quality and accuracy of Triple’s API-first solution.”
With substantial financial backing and a proven track record of success, Triple is poised to make a significant impact in the world of financial data enrichment. As they continue to expand their services and partnerships, the future looks bright for this London-based startup.
+ There are no comments
Add yours