9fin Secures $50 Million in Series B Funding to Enhance AI Capabilities and Expand into U.S. Market
London-based financial data platform 9fin announced on Monday that it has successfully raised $50 million in a Series B funding round to bolster its artificial intelligence (AI) capabilities, increase its workforce, and further penetrate the U.S. market. The round was led by Highland Europe, a venture capital firm known for investing in growth-stage startups. Although the company did not disclose the valuation at which the funding was secured, prior reports have suggested a potential valuation of around $500 million.
This latest funding follows a previous capital injection of $23 million in December 2022, led by Spark Capital, a notable venture capital firm from San Francisco with investments in major tech companies like Twitter and Oculus. 9fin’s growth trajectory highlights the increasing investor interest in finance tech startups, particularly those harnessing the power of advanced technology to improve efficiencies in traditional financial markets.
9fin is best known for its subscription-based service that provides data and news specifically for debt markets. The company has heavily invested in innovative technology designed to extract and process data from a variety of financial documents, making it more accessible and actionable for its clients. Their offerings include insights from a diverse team composed of reporters, lawyers, and analysts, focusing on critical updates in the credit markets. The company caters to a diverse array of clients, including investment banks, distressed debt advisors, private equity firms, credit fund managers, and law firms.
According to Fergal Mullen, cofounder and partner at Highland Europe, the demand for data and technology solutions in debt markets is rapidly growing. He remarked on the significant gap in technology offerings compared to the booming debt market, positioning 9fin as a leading platform dedicated to addressing these needs. The company’s relentless focus on technological innovation and fostering a strong company culture sets it apart in a largely stagnant market that Mullen describes.
CEO Steven Hunter, who co-founded 9fin in 2016, echoed this sentiment by pointing out that debt markets are the largest asset class often overlooked by modern technological solutions. Hunter, with a background in prestigious institutions like Babson Capital Management and JP Morgan, emphasized their vision to become the premier global provider of debt market analytics and to transition the sector into the AI age. Along with co-founder Huss El-Sheikh, who has experience as an analyst at Deutsche Bank, Hunter has established 9fin as a key player in the fintech landscape.
Since its inception, 9fin has made remarkable strides, with its customer base more than doubling over the past two years to nearly 200 firms. The company currently employs 240 people across its offices in London, Belfast, and New York. Their recognition in the industry was further cemented in 2018 when the co-founders were featured on the Forbes 30 Under 30 Europe list, highlighting their significant contributions and entrepreneurial spirit in the financial sector. As 9fin leverages this new investment, it aims to redefine the future of debt markets through innovative solutions and technology-driven insights.
