A startup in London developing AI analytics technology for debt capital markets has closed a $50m (£39.3m) Series B round. 

Based in the City, 9fin is looking to expand its debt capital markets analytics platform, having so far reached more than 200 institutional customers with combined assets worth over $17tn. 

The group has put a particular emphasis on scaling its US operations, which it said has been growing faster than anywhere else. 

The company’s platform offers intelligence on high-yield bonds, leveraged loans, distressed debt, collateralised loan obligations, private credit and asset-backed finance. 

Founded in 2016, 9fin claims to be the first information provider in its sector to integrate generative AI into its platform, adding a chatbot, real-time market updates and complex search features. 

“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,” said 9fin co-founder and CEO Steven Hunter.  

“We started 9fin to give professionals in the market a data edge, with smarter, faster intelligence. I’m really proud of the product, team and company culture we’ve built so far at 9fin, and we’re just getting started.” 

The Series B round was led by Highland Europe. Additional funding came from existing investors Spark Capital, Redalpine, Seedcamp, 500 Startups and Ilavska Vuillermoz Capital. 

Fergal Mullen, co-founder and partner at Highland Europe said: “Debt markets are booming but data and technology offerings simply haven’t kept pace. 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.  

The new investment comes two years after 9fin raised $23m, despite not directly seeking any new capital at the time. 

According to its latest company accounts, for the year ended December 2023, 9fin pulled in £7.2m in turnover, up 124% from 2022. Increased expenses in 2023, however, landed the firm with an operating loss of £10.4m. 

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