What enigma.io does

Enigma (legal name Enigma Technologies Inc.) is a New York-based, privately held business data infrastructure company that builds a Business Identity Graph for U.S. businesses. The company's Graph-Model-1 identity graph connects 100M+ registrations, 30M+ brands, and 2B+ relationships across brands, DBAs, legal entities, operating locations, and government records, with entity resolution completed before query. The platform also incorporates Merchant Transaction Signals derived from 750M+ anonymized credit and debit cards representing over 30B transactions and $4.5T+ in annual payment volume.

The product portfolio spans core data infrastructure (Business Identity Graph, Gov Archive, Merchant Transaction Signals) and solution modules (Onboarding & KYB, Payment Risk & Underwriting, Customer & Transaction Screening, Payments & BNPL, GTM Solutions). Access is delivered through a GraphQL API consumed by enterprise clients, with a self-serve developer console at console.enigma.com and publicly available documentation. The platform is designed to support KYB pipelines, analyst workflows, and AI agent research runs, with the company explicitly positioning its data as "ground truth" for AI systems.

Revenue is generated through subscription and usage-based pricing on the API and verticalized solutions, sold via enterprise field sales (with persona-specific pages for Risk & Compliance, Payments, Onboarding/KYB, and Payment Risk) and self-serve developer access. Named enterprise customers include Capital One, Chase, Ramp, DoorDash, Alloy, Gusto, Affirm, FMCG Direct, and Parallel, spanning financial services, fintech, food delivery, HR/payroll, and marketing agency verticals. The company reports that banks have increased new merchant services account conversions by up to 3x using its data.

Name

enigma.io

Legal name

Enigma Technologies Inc.

Website

https://enigma.io

Company type

Private

Operating status

Operating

Short description

Enigma provides business identity and financial health data on U.S. businesses through its Graph-Model-1 Identity Graph and Merchant Transaction Signals, serving financial institutions, fintechs, and payments companies for KYB verification, payment risk underwriting, and merchant intelligence workflows.

Ownership category

akta.pro rank

Product category

Business Data and Identity Intelligence

NAICS

Software Publishers (5132), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Services-Computer Programming, Data Processing, Etc. (7370), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Identity Verification, Proofing & KYC (IDV) (HDAEAJAI)

akta.pro secondary industry

Account Verification & Ownership (AVS/AOV, micro-deposits, auth) (FSAGACAB)

Keywords

• Business identity data
• Entity resolution platform
• KYB verification services
• Merchant transaction analytics
• Business data API

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Business Data API Services: API-based access to business identity data, entity resolution, and government records. Sold via subscription and usage-based pricing tiers to enterprise customers.
2. Data Intelligence Products: Verticalized solutions including KYB onboarding, payment risk underwriting, customer screening, and merchant transaction signals. Revenue derived from data subscriptions and per-query usage.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Enigma provides business identity infrastructure built on an entity resolution knowledge graph that connects every U.S. business to its brands, DBAs, legal entities, operating locations, and government records. The company sells API-based access to this data along with verticalized solutions for KYB onboarding, payment risk underwriting, customer and transaction screening, merchant transaction analytics, and go-to-market intelligence, targeting enterprise customers in financial services, fintech, and payments.

Product overview

Enigma offers a unified business data platform centered on its Identity Graph—the foundational knowledge graph that links every U.S. business to its legal entities, operating locations, ownership, and government records. The portfolio includes core data products (Business Identity Infrastructure, Gov Archive, Merchant Transaction Signals) and solution modules (Onboarding & KYB, Payment Risk & Underwriting, Customer & Transaction Screening, Payments & BNPL, GTM Solutions). The GraphQL API enables programmatic access across all products for KYB pipelines, analyst workflows, and AI agent integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Identity Infrastructure (Identity Graph) Foundational identity graph providing unified business profiles across 100M+ registrations, 30M+ brands, and 2B+ relationships, accessible via GraphQL API for KYB pipelines, analyst workflows, and AI agent research.
• Gov Archive Government records archive providing access to public business registration data and official government records for U.S. businesses.
• Onboarding & KYB Know Your Business (KYB) verification solution that enables instant verification of U.S. businesses by combining hundreds of public data sources including corporate registration records nationwide, designed for financial institutions and fintechs conducting business onboarding.
• Payment Risk & Underwriting Risk assessment and underwriting solution for payments leaders evaluating merchant payment volume, identifying high-growth merchants, and improving risk decisions for payments companies and banks.
• Customer & Transaction Screening Sanctions screening and transaction monitoring solution for persons and business entities at onboarding and on a continuing basis, with customizable risk-appetite settings for compliance teams.
• Payments & BNPL Solutions Merchant analytics solution providing insights into merchant payment volume, transaction patterns, and competitive positioning to help payments and BNPL providers maximize merchant share-of-wallet.
• Merchant Transaction Signals Transaction intelligence data derived from 750M+ anonymized credit and debit cards representing over 30 billion transactions and $4.5+ trillion dollars annually, sold as a standalone data product.
• GTM Solutions Go-to-market intelligence solution enabling identification of businesses already processing cards, understanding transaction amounts, and differentiating e-commerce versus in-person volume for sales and marketing targeting.

Quantifiable outcome

• Banks increased up to 3x more conversions in new merchant services accounts

Named customers9 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

One partnership is on record.

• RampcoreStrategic or Co-development PartnerCase study partnership demonstrating how Enigma helped Ramp transform KYB processes into fraud intelligence capabilities. Ramp uses Enigma's business identity graph for verification and fraud detection.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• LexisNexis Risk Solutions: Provides identity verification, KYC/KYB, beneficial ownership, and risk data to financial institutions. Competes with Enigma in business verification, sanctions/AML screening, and entity resolution workflows.
• Bureau van Dijk (Moody's): Moody's-owned global entity data and compliance platform (Orbis, Compliance Catalyst). Direct overlap with Enigma's corporate registries, UBO, and KYB offerings, with much deeper international coverage.
• Plaid: Plaid connects consumer financial accounts and increasingly powers business data and underwriting workflows. Adjacent competitor in payments/financial data infrastructure for fintechs and lenders.
• Dun & Bradstreet: The largest legacy provider of U.S. business identity, corporate hierarchies, and firmographic data. Directly comparable to Enigma on business identity/KYB, with much broader international footprint and entrenched enterprise relationships.
• Ekata (TransUnion): Now part of TransUnion, Ekata provides identity verification and business data APIs. Compares to Enigma on entity verification, fraud risk scoring, and merchant/individual KYC data signals.

Emerging players

• Socure: Identity verification and fraud-prevention platform with strong footprint in KYC, synthetic fraud, and account takeover. Comparable on consumer/business entity verification but historically more consumer-focused than Enigma.

Direct peers

• Middesk: Business identity and KYB platform purpose-built for fintechs, banks, and lenders. Closely comparable to Enigma's Onboarding & KYB and Payment Risk solutions with similar target buyers and product packaging.
• Sayari: Provides commercial, trade, and entity intelligence including UBO and corporate registry data globally. Comparable to Enigma's business identity graph, with stronger cross-border ownership data.
• Persona: Identity verification platform serving KYB, KYC, fraud, and AML use cases for fintechs and financial institutions. Overlaps with Enigma on business and entity verification, with comparable API-first GTM.
• Alloy: Identity and risk decisioning infrastructure used by banks and fintechs (and a documented Enigma integration partner). Competes with Enigma in identity data, verification, and decisioning workflows for FIs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/enigma_data
• LinkedInlinkedin.com/company/enigma-technologies-inc-

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about enigma.io