Credit analytics company Credit Benchmark has secured $7m in equity financing to support its offering expansion.
The round was led by Index Ventures, Balderton Capital, Communitas Capital, and a number of private angels including Goldman Sachs vice chairman Michael Sherwood. As part of the deal, Sherwood will join the board of directors of Credit Analytics.
Credit Benchmarks is a financial data platform which builds credit risk estimates at a global range of corporates, sovereigns, financial institutions and funds. The company offers a dynamic and forward-looking measure of risk which reflects aggregated views of multiple financial institutions that are at direct exposure to underlying entities.
Through this injection of capital, the company is hoping to expand its contributor base, with an aim of reaching 50 contributor banks by the end of next year. Alongside this, Credit Benchmarksis looking to add non-bank contributors, such as insurance firms, to expand its credit risk insights.
The firm is in the process of building new technology and research capabilities which will deepen its analytical offerings for banks, asset managers and insurers. Its final area for growth at the moment is increasing the size of its team, having just named William Haney as its CEO and Nicholas Pastoressa as its chief product and technology officer.
Credit Benchmark CEO William Haney said, “The appetite for our consensus view of credit risk is so enormous because it is differentiated from the traditional credit rating; it is truly comprehensive, with deep reach into the un-rated universe; and it is trusted because it is based on the internal regulatory processes of the world’s leading financial institutions.”
The company has raised a total of $34m in capital rounds since it was launched in 2015.
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