Tractiv, a software company that helps financial services better understand their data, has received $2.25m in seed funding to support its product development.
The investment was led by Nyca Partners, a venture capital firm focused on financial services. As part of the deal, Nyca Partners limited partner advisor Mark Almeida has joined the Tractiv board of directors.
With the close of the round, Tractiv plans to expand its product offering and grow its sales and engineering teams.
Tractiv’s software integrates with data vendors and internal data sets and can give access permission, distribute, track and report on how data is used internally or after it leaves a vendor’s environment. It claims that it can support any kind of data, regardless of size or type, something other data tracking and distribution solutions cannot achieve.
Founded in 2020, Tractiv’s primary customers are FinTechs, banks and wealth management firms seeking a more accurate understanding of data usage for business intelligence, compliance, IP protection and security.
Tractiv CEO and co-founder Drew Orsinger said, “Until now, no single solution has brought together usage, distribution, security, audit, and reporting for data. Our platform provides quick, low-cost, and direct access to key usage forensics and can be up and running in a matter of hours. Tractiv solves a universal challenge in how data vendors and companies distribute, track, and trace their data.”
Tractiv recently rebranded from TradeX to better reflect its capability around data tracing in the broader financial services context.
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