The financial industry has traditionally viewed data as an afterthought. The landscape is starting to change, forcibly, through regulatory innovation like the UK’s Open Banking protocols and commercial innovation from companies like Plaid. Despite these efforts, accessing line-item transaction data is still mired in complexity limiting functionality for financial institutions of all sizes.
Ntropy is changing all this with its attempts to build a single source of truth for consumer financial data. Instead of relying on an only partially intelligible alpha-numeric string, the platform parses that and returns not only the name of the merchant, but also logo, website URL, Yelp reviews and custom categories, unlocking powerful fintech use-cases without world-class data engineers required.
The company is now looking to expand its engineering and commercial team, support market growth and future product development.
The challenge for Ntropy is to build enough momentum to create a community of fintechs relying on its technology. It's already streaks ahead of other efforts in the space and it's easy to predict this community only becoming more vibrant as Ntropy releases new features as part of its enrichment API.
Steph
Company Specialist at Welcome to the Jungle
