Triple, a London-based fintech startup, has successfully closed a $7.5 million Seed funding round led by TX Ventures, with participation from Form Ventures, Portfolio Ventures, Neosfer, Core Angels Barcelona, and notable individual investors like Paul Forster (Indeed) and Pedro Tortosa (Devo).
The company was founded in 2021 with an initial focus on creating an automated rewards marketplace on top of transaction data. However, as the founders engaged with banks and fintech entities, they identified a more significant challenge: making sense of transaction descriptions by accurately mapping them to specific merchant counterparties.
The core of Triple’s offering lies in providing financial institutions with an API for transaction enrichment. This solution has already been involved in processing billions of transactions and is currently employed by more than 20 banks and fintech companies globally. Notable clients include Pleo, Trade Republic, and Ben. The startup emphasizes the importance of accuracy and security in delivering enhanced transaction data to its clients.
Triple’s success in securing funding reflects the recognition of the broader financial industry’s need for improved transaction data enrichment. The funds raised will be utilized to further develop Triple’s fintech infrastructure services. The company’s API-first solution aims to address the complexities associated with accurate transaction data enrichment, offering a valuable tool for financial institutions striving for enhanced data quality and understanding.
This funding round underscores the significance of solving challenges related to transaction data accuracy and reflects investors’ confidence in Triple’s approach to addressing this crucial aspect of financial services. As the fintech industry continues to evolve, solutions like Triple’s play a vital role in facilitating better data-driven decision-making for financial institutions and improving the overall customer experience.