Ntropy Raises $3.2M for its innovative data platform
by Startacus Admin
Ntropy secures major investment to help with expansion of its team, support market growth and future product development.
Fab news for Ntropy, a company removing data barriers to understand financial transactions, as they have just announced a $3.2M seed round led by QED Investors, who has previously invested in fintech unicorns Nubank, Klarna, and Current. January Ventures and founders and executives from Ramp, Square and Stripe also participated in the investment round.
Co-founded by CEO Naré Vardanyan and CTO Ilia Zintchenko, Ntropy believe that turning data into leverage rather than a barrier is a game changer in financial services. Data powers decisions from credit scores to loan agreements and enables a variety of financial products that impact lives. Ntropy saw an opportunity to provide a developer-first and scalable platform that helps businesses make sense of their transaction data, for customers to benefit from in the future.
Naré Vardanyan, CEO and Co-Founder of Ntropy, commented, “Over the last 20 years, the main way to monetise on the internet was manipulating your users’ data for advertising and targeting. But this is changing. Embedded fintech is enabling business models based on a direct exchange of value, where customers can get, make, share, lend, and invest money directly on the internet. Hence data is turning from a passive source of information for targeting, into a source of leverage to create delightful customized products. At Ntropy, our “no-data'' APIs mean that no company needs access to raw data, we give them the ability to build directly from the information they need to create products and power decisions.”
Amias Gerety, Partner at QED Investors, added, “When we met Ntropy, we could tell they were onto a big idea -- carving a new path for machine learning and data privacy to coexist. When we invested, it was because the team could turn their tech into tools that help solve acute problems we've seen across our fintech portfolio”.
Ntropy will be using the funding to expand its engineering and commercial team, support market growth and future product development.
We look forward to watching this happen and seeing the impact that this investment will have on this innovative startup.
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Published on: 20th July 2021
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