Credit Benchmark, the independent source of consensus credit risk information, has closed a $20m in Series B funding round led by Balderton Capital.
Balderton Capital is a new investor in Credit Benchmark and was joined in the round by existing partner Index Ventures.
This investment follows a previous round of $7m in July 2014, which Index led. It will be used to expand Credit Benchmark’s data gathering efforts with global IRB banks, extend its intelligence platform and grow its international team and presence.
Elly Hardwick, Credit Benchmark CEO, said: “This substantial new investment from Balderton and continued support from our partners at Index is powerful validation of our mission – and our ability – to shake up the credit ratings market.
“Every day we see new examples of the value Credit Benchmark consensus data offers. Our team of experts are poised to bring change to a sector ripe for disruption.”
And Tim Bunting, general partner at Balderton Capital, added: “Credit Benchmark’s plan to provide transparent credit information on more than 200k companies will provide huge value to all market participants. The need for better data has never been higher.
“The depth and transparency of the Credit Benchmark platform is a great leap forward in the biggest financial market of all. Balderton is very pleased to be joining the Credit Benchmark team.”
Credit Benchmark also announced that it had formally launched in the US and has appointed Harry Chopra, formerly head of global sales and client services at S&P Capital IQ. Chopra joins Credit Benchmark as chief commercial officer and will be based in New York.