Financial data platform 9fin has raised $50 million in new funding that’s slated to be used to double down on its AI capabilities, hire more staff and accelerate its expansion into the U.S.
The London-based fintech said Monday the capital was raised in a Series B round led by Highland Europe, a London-based VC firm focused on growth-stage startups.
9fin did not disclose the valuation at which the funds were raised. Last month, the Financial Times had reported that the startup was in talks for a deal that would give it a value in the region of $500 million.
The startup raised $23 million in a previous funding round in December 2022 led by Spark Capital, a San Francisco-based VC firm that had previously invested in Twitter and Oculus.
9fin provides data and news for the debt markets through a subscription-based service. The company has invested heavily in technology that allows it to find and process data from a range of financial documents.
It also employs reporters, lawyers and analysts to cover the news and provide insights into the credit markets. The platform’s clients include executives from investment banks, distressed debt advisors, private equity, credit fund managers and law firms.
“Debt markets are booming but data and technology offerings simply haven’t kept pace,” Fergal Mullen, cofounder and partner at Highland Europe, said in a statement. “9fin’s vision, its relentless focus on technology, innovation and company culture, positions it as the go-to platform for those working in debt markets.”
9fin’s cofounder and CEO Steven Hunter said: “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 1 global provider of debt market analytics, and bring debt markets into the AI age,” he added.
Hunter cofounded 9fin in 2016 with university classmate Huss El-Sheikh. Hunter had previously worked for Babson Capital Management and JP Morgan, whereas El-Sheikh had been an analyst with Deutsche Bank.
In 2018, 9fin’s cofounders were featured on the Forbes 30 Under 30 Europe list in recognition of their achievements as entrepreneurs in the finance industry.
9fin said its customer base had more than doubled over the past two years to nearly 200 firms, and it currently employs 240 people at its offices in London, Belfast and New York.