Fintech data analytics firm raises money ahead of new product launches.
The transparency agenda in online lending has taken a step forwards, as another analytics firm raises capital. AltFi Data has raised an undisclosed sum of equity funding, in tandem to forming a new advisory board.
Roger Spooner and Peter Wilson will join existing backer and executive board-member Michael Baptista on the newly established advisory board. Spooner was most recently a member of the management committee at global data firm Markit, where he was head of global client management. Following a 20 year career in private equity, Wilson was the inaugural CEO of British Business Bank Investments, where he was responsible for £1.5bn of government investment. In this role he oversaw a number of early institutional investments within the UK’s marketplace lending sector.
“As an early institutional investor in the emerging tech enabled lending space I saw first-hand the need for objective and consistent data to support investment diligence and portfolio monitoring,” said Wilson. “As the clear UK market leader in such data AltFi Data plays a key role in supporting the continued development of the alternative lending sector.”
AltFi Data analyses loan-by-loan, cash-flow level data from some of the world’s largest marketplace lenders, including leaders in the UK, US and Europe. Its analytics engine produces a comparable output for each lender, with a high level of granularity, allowing investors to assess performance across the asset class on a like-for-like basis.
In addition to the funding round and advisory board formation, AltFi Data has hinted at the imminent unveiling of new products.
"AltFi Data is an important part of the fast growing direct lending environment, providing market leading tools and analytics to investors on platforms,” said Samir Desai, co-founder and CEO of leading UK business lending platform Funding Circle. “We are pleased to see the business go from strength to strength, and look forward to seeing the new products.”
Data specialists are increasingly coming to the fore in the marketplace lending sector. US firm PeerIQ scooped $12m in a Series A in August, while its local rival dv01 has been involved in a number of headline-grabbing transactions, including the $5bn loan purchasing agreement that was signed between Prosper and a consortium of investors in February.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.