London-based fintech start-up 9fin has secured $50m (£39.3m) in a Series B funding round as it seeks to expand its presence in the debt and private capital research market.
The round was led by growth capital investor Highland Europe, as reported by .
While the company did not disclose the valuation at which the funds were raised, reports last month suggested that the firm was negotiating a deal that could value it at around $500m. The funds will be used to enhance its artificial intelligence technology, bolster its analytics team, and grow its operations in the US, where 9fin is experiencing its fastest growth.
As part of the deal, Fergal Mullen, co-founder of Highland, will join 9fin's board. This latest funding round brings the total raised by the company to $90m since its inception.
The firm, founded in 2016 by Steven Hunter, a former credit investor, and his university classmate Huss El-Sheikh, aims to lead the growing industry for tools that collect and analyse a range of market data beyond stocks. Its focus areas include traditional high-yield and distressed debt, as well as new asset classes in private credit and asset-backed lending.
It faces competition from rivals such as Reorg, Fitch and Debtwire, with debt information providers often selling their products for more than $100,000 a year per user.
Hunter stated on Monday: "Debt markets are the biggest overlooked asset class in the world and yet they still rely on technology and information sources straight out of the 1980s – opaque, slow and messy. There’s a huge opportunity to build the number one global provider of debt market analytics and bring debt markets into the AI age."
9fin has reportedly doubled its customer base to nearly 200 since 2022, including investment banks and asset managers with combined assets under management of $17 trillion. The company employs almost 250 people, primarily in London and Belfast, and anticipates becoming cash flow positive by 2025.
Its staff includes not only financial analysts and lawyers but also journalists who report on industry news.
