Enigma

Enigma operates a B2B data infrastructure and analytics model. It aggregates and structures public and transaction-derived business data, applies entity resolution to create usable business profiles and signals, then packages that intelligence into APIs, a web console and workflow-oriented solutions for compliance, underwriting, payments and go-to-market teams. Customers pay for access to the data layer and related software interfaces because the product helps them reduce fraud, automate decisioning and improve prospecting efficiency.

Enigma is a private US data and software company that provides business intelligence, verification, risk and compliance products built around identity resolution and transaction-linked data on US businesses, particularly small and medium-sized businesses. Its products are used by financial institutions, fintechs, payment processors, compliance teams and internal data teams to verify businesses, automate know-your-business workflows, support underwriting, monitor portfolios and improve merchant acquisition and go-to-market decisions.

The company makes money by selling subscription access to its console and programmatic access to its data and APIs through a credit-based commercial model. Its value proposition is not consumer-facing; it is a B2B intelligence layer that combines public records, transaction signals and entity resolution into operational workflows for onboarding, screening, analytics and revenue intelligence.