A London startup developing AI analytics technology for debt capital markets has closed a $50m (£39.3m) Series B round.
Headquartered in the City, 9fin is looking to expand its debt capital markets analytics platform, having so far reached over 200 institutional clients with combined assets worth over $17 trillion.
The group has placed particular emphasis on developing its operations in the United States, which it says is growing faster than anywhere else.
The Company’s platform offers information on high yield bonds, leveraged loans, distressed debt, collateralized loan obligations, private credit and asset-backed financing.
Founded in 2016, 9fin claims to be the first information provider in its industry to integrate generative AI into its platform, adding a chatbot, real-time market updates and complex search capabilities.
“Debt markets are the most neglected asset class in the world and yet they still rely on technologies and information sources straight out of the 1980s – opaque, slow and messy,” said Steven Hunter, co-founder and CEO of 9fin.
“We launched 9fin to give market professionals a data advantage, with smarter, faster intelligence. I’m really proud of the product, team, and company culture we’ve built so far at 9fin, and we’re just getting started.
The Series B round was led by Highland Europe. Additional funding comes from existing investors Spark Capital, Redalpine, Seedcamp, 500 Startups and Ilavska Vuillermoz Capital.
Fergal Mullen, co-founder and partner at Highland Europe said: “Debt markets are booming, but data and technology offerings simply haven’t kept pace. 9fin’s vision of relentless focus on technology, innovation and company culture makes it the go-to platform for those working in the debt markets.
This new investment comes two years after 9fin raised $23 million, despite not looking directly brand new capital at the time.
According to its latest corporate accounts, for the financial year ending December 2023, 9fin had a turnover of £7.2m, up 124% on 2022. The increase in spending on 2023, however, resulted in an operating loss of £10.4 million for the company.
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