9fin, an analytics platform for debt capital markets, has raised a £19 million Series A+ round.
Led by new investor Spark Capital with participation from existing investors Redalpine, AI Seed, Seedcamp, 500 Startups, and Ilavska Vuillermoz Capital, it will be used to scale the 9fin team, grow its presence in the US market and expand its product into new asset classes.
Spark Capital general partner Alex Finkelstein will join 9fin’s board.
9fin’s mission is to organise the world’s leveraged finance information and make it accessible and useful through its data, news and predictive analytics platform powered by proprietary machine learning and computer vision.
To date, 9fin has raised nearly $37m in total funding including early investments from Fly Ventures, and a number of high net worth individuals including co-founder of Indeed Paul Forster and co-founder of MMC Ventures Alan Morgan.
Since 2021, the company has more than doubled its client base, tripled its team and quadrupled its ARR.
A new office in New York City will be led by CEO and co-founder Steven Hunter. Hussam El-Sheikh, CTO and co-founder, will continue to lead the London office and all aspects of engineering.
“We didn’t set out to fundraise, but when we spoke with Alex and the team at Spark, they were incredibly enthusiastic about the business and their culture and operating experience is a great fit for us. So we decided to raise opportunistically and accelerate our US GTM timing,” said Hunter.
“We’ve seen incredible success with our platform in Europe and are thrilled to expand in the US. With this round, we will grow our US team to more than 70 people with new hires planned across credit, legal and sales.”
9fin says its platform makes incredibly complex information easy to search, filter and analyse, helping subscribers win business, outperform their peers and save time.
The company currently supports over 60 customers including nine of the top 10 investment banks, four of the top five distressed debt advisors, 80% of European HY Sales & Trading desks and four of the top six law firms in debt capital markets.
“Debt capital market teams have been analysing data the same way since the 1980s. Information on companies which borrow debt is opaque, unstructured, and slow to be distributed,” said Finkelstein.
“Steven, Hussam and the 9fin team are updating an industry that desperately needs it. They’ve made so much progress out of their London office, we’re excited to see them take on the US and continue growing with new customers.”