Ntropy, a London, UK- and San Francisco, CA-based company removing data barriers to understand financial transactions, raised $3.2M in seed funding.
The round was led by QED Investors with participation from January Ventures.
The company intends to use the funds to hire key engineering and commercial talent, to support market growth and future product development.
Co-founded by CEO Naré Vardanyan and CTO Ilia Zintchenko, Ntropy provides an API that enables businesses to convert raw data into contextualised and structured information understood by both man and machine. The platform trains machine learning models across organisations with different data schemas and data sensitivity issues, to remove barriers and make data an easily understandable tool. Its API takes raw transactions across platforms and extracts merchant information and labels it.
The company’s suite of products are now being used by neo-banks, financial SaaS providers, marketplaces and SMB banks. Ntropy currently has a waitlist of over 50 customers in the US.
The company’s remote-first team is split across the UK, USA, Norway, France and more, and is serving customers in North America. Ntropy has also added Eric Woodward, former Group President of Early Warnings, and Robert Phillps, author of Pricing Credit Products, and currently Director of pricing research at Amazon, to its advisory team.