Triple, a London based provider of transaction data enrichment for financial institutions, has successfully raised a $7.5M Seed Round led by TX Ventures. The funds will allow Triple to further accelerate its growth and to continue bringing more AI solutions to the financial sector.

Triple’s founders, Mario Navarro and Ibai Iturricha, started working on an automated rewards marketplace on top of transaction data. Although Triple worked directly with banks, the data received was very messy and they had to build an enrichment engine to map descriptions to specific merchant counterparties.

“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.”

explains Triple’s CEO Mario Navarro.

“Enriched transaction data allows banks to decrease OPEX costs by substantially reducing customer support calls and chargebacks, and improving customer engagement across their digital channels.”

While the problem of unclear transaction data has been known for a long time, recent developments in AI allow fintechs like Triple to solve this at scale in a way which wasn’t possible before.

“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. The team has set a new benchmark and we are all very excited about the use cases that are now possible on top of accurate enriched transaction data”

said Jens Schleuniger, Managing Partner at TX Ventures.

Triple already processes billions of transactions and has grown to become a leading API for transaction enrichment, working with more than 20 banks and fintechs globally. Triple’s main market is EMEA, but it also has clients in APAC and the Americas. The company recently completed a program with FIS, working on collaborating with banks across the US.

Other participants in the round include Form Ventures, Portfolio Ventures, Neosfer and Core Angels Barcelona as well as several successful entrepreneurs such as Paul Forster (Indeed) and Pedro Tortosa (Devo).

This $7.5M Seed Round brings the total amount raised to $10M, having previously raised $2.5M from investors such as PlugandPlay and Barlon Capital.

Featured image credit: Triple founders Mario Navarro and Ibai Iturricha