Fintech data enrichment services startup Triple has today announced the successful completion of a $7.5 million Seed round. Based in London, the startup intends to use the investment to continue the development of its fintech infrastructure services.
If you’ve ever had to sift through your bank statements to locate a specific transaction, you’re well aware of the needle in the haystack exercise it can be. Extrapolate this process to an entire industry, and the desire to look beyond the 1’s and 0’s quickly and easily becomes readily apparent.
Offering financial institutions the ability to provide their customers with just such a mechanism is Triple.
While Triple’s founders say that the original idea behind the business began as an automated rewards marketplace to be layered on top of transaction data, the more banks they spoke to, and whose data they received, they quickly spotted the flaw in their design — in order to map transaction descriptions to specific merchant counterparties, they’d first need a way to make sense of what they were looking at.
Triple’s CEO Mario Navarro explains:
“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 trying to solve the conundrum that would support the rewards marketplace product, Triple had developed a solution that would not only solve their issue but one far wider spread.
Founded in 2021, Triple says that its API for transaction enrichment has been involved in the processing of billions of transactions and that they’re working with more than 20 banks and fintechs globally including Pleo, Trade Republic, and Ben.
Triple’s Seed round was led by TX Ventures and saw the participation of Form Ventures, Portfolio Ventures, Neosfer and Core Angels Barcelona as well as several successful entrepreneurs including Indeed’s Paul Forster, and Devo’s Pedro Tortosa.
“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,” commented TX Ventures managing partner Jens Schleuniger.
Lead image via Triple.