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(Bloomberg) — 9fin Ltd., the debt intelligence provider founded by two former investment banking analysts, has raised fresh funds at a $1.3 billion valuation as part of a push to capture a bigger share of the hotly contested market for credit research.
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London-headquartered 9fin has secured $170 million in a Series C round led by HarbourVest, the company is set to announce Tuesday. Canada Pension Plan Investment Board and earlier investors Redalpine, Highland Europe, Spark Capital and Seedcamp are also participating.
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The latest round means 9fin, which offers what it calls an “AI-native platform” to help credit traders, investors and advisers to originate new business more efficiently, has now raised more than $250 million since its founding in 2016. The financing comes at a time when capital markets infrastructure and work flows are being reshaped by artificial intelligence.
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9fin had been seeking to raise funds at a valuation of as much as $1 billion, Bloomberg News reported in February.
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“This was an opportunistic raise, we didn’t need to raise the capital,” 9fin co-founder and Chief Executive Officer Steven Hunter said in an interview. Hunter said it “speaks to the quality” of 9fin’s business that it was able to raise funds “right in the middle” of a bout of market volatility that has seen AI displacement concerns and the conflict in the Middle East weigh on investor sentiment.
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Firms like 9fin have become a hot commodity as bankers and traders use the intelligence and data to try to gain a competitive edge against their peers. 9fin rival Octus Intelligence Inc., formerly known as Reorg Research Inc., was acquired for about $1.3 billion by Permira from Warburg Pincus in 2022.
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9fin, which Hunter refers to as a technology company as opposed to a data or software business, was founded after his time spent as a debt markets investment banker at JPMorgan Chase & Co. Hunter, whose co-founder Huss El-Sheikh previously worked at Deutsche Bank AG, said the company is benefiting from the convergence of all debt asset classes, providing a “one-stop shop” amid the paradigm shift from AI.
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9fin is planning to use the proceeds from the latest round to build out its engineering and product capabilities, including adding to its headcount by double-digits, Hunter said.
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9fin competes with Bloomberg LP, the parent of Bloomberg News, in credit data and intelligence.
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