Ntropy offers an API that enriches, normalizes and classifies financial transaction data for fintechs and financial services firms. Its pipeline combines ground truth from expert humans, global merchant databases, search engines and language models trained on a condensed version of the web to process banking data across four continents and six-plus languages. The product uses NLP and machine learning to automate merchant, category and memo classification, reducing the time and resources required for customers such as Wayflyer, Teampay, Belvo and Monarch. Ntropy was launched in 2020 after founders Nare Vardanyan and Ilia Zintchenko began working on the idea in 2018. The company has 21 employees and plans to hire nine more by the end of the year; the Series A proceeds will be directed to market, product and engineering hires. Ntropy has secured strategic partnerships, notably joining Plaid’s solution partner program for business and international transaction enrichment. Leadership positions the company as a first mover in an emerging intelligence layer on top of banking data and says the technology can drive more loan and mortgage approvals, automated accounting and faster payments; management also noted fundraising during the pandemic was challenging and that market slowdown will influence thinking around gross margins and burn. Ntropy offers an API that takes raw transaction data, extracts merchant information, and labels it to produce contextualized, structured information readable by humans and machines. The platform trains machine-learning models across organizations with differing data schemas and sensitivity constraints to remove data barriers. Its suite of products is used by neo-banks, financial SaaS providers, marketplaces and SMB banks, and the company reports a waitlist of over 50 customers in the US. Ntropy is remote-first with team members across the UK, USA, Norway, France and more, and is serving customers in North America. The company plans to use the seed funds to hire engineering and commercial talent to support market growth and future product development. Co‑founded by CEO Naré Vardanyan and CTO Ilia Zintchenko, Ntropy has also added advisors Eric Woodward and Robert Phillips.

Total raised

$14M

Funding rounds

2

Latest round

Series A

Latest activity

Oct 2022