Changing the use of data in debt capital markets – 9fin closes Series A

9fin, which supplies data, news and predictive analytics to debt capital markets, has scored £8m in its Series A funding round.

With the capital injection, the FinTech company is looking to expand into the US. To support the move, 9fin is opening an office in New York. Initial priority for the team will be sales, marketing, product and engineering teams.

Redalpine served as the lead investor, with Fly Ventures also contributing capital. Several angel investors also joined the round, including Indeed co-founder Paul Forster and MMC Ventures co-founder Alan Morgan.

9fin was co-founded by Steven Hunter and Hussam El-Sheikh after their experience within the debt capital markets industry highlighted issues with data quality.

Hunter said, “Debt capital markets is the world’s largest asset class, but it operates using the worst quality data, information, and technology. Many companies in this space aren’t large listed businesses, they’re privately owned, that means important information about them isn’t readily or easily available.”

“When I worked in banking and asset management, I felt like I’d been teleported back 40 years in terms of the data and technology our market used. Finding simple things like earnings, price sensitive news flow, and key offering documents was incredibly painful. 9fin was created to fix that.”

9fin leverages machine learning and computer vision to extract and standardise debt capital markets data in real-time. Its predictive analytics helps save time, spot trading opportunities and help customers increase their share of the market, it claims.

Over the past year, the company has quadrupled its clients, tripled the size of its team and formed a partnership with the European Leveraged Finance Association on legal data and analytics.

Redalpine partner Aleksandra Laska said, “We are delighted to back Steven and Huss, they’re an incredibly driven team who have the ambition, network, and know-how to turn 9fin into a massive business.

“They have deep industry expertise in debt capital markets and have experienced the pain of poor-quality information first hand. Faster, better quality data has huge value within this space. Whether that’s predictive analytics to spot new business opportunities or freeing up an analyst team’s time through automating the manual collection of data.”

With the close of the round, the FinTech company has raised a total of £10m in funding, to date.

Fellow software developer for the capital markers, Irwin, recently raised $20m in its Series A round. Its all-in-one software solution monitors buying and selling within any shareholder base.

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