Former Data Explorers entrepreneurs Mark Faulkner and Donal Smith launched Credit Benchmark, an innovative financial technology company have raised $7m in a Series A financing round led by Index Ventures to accelerate its development of a new data source in the $6bn credit risk information market.
Today marks the launch of Credit Benchmark’s commercial service for banks. Following completion of a proof of concept, a dozen global banks in the US, UK and Continental Europe have already committed to contribute their data, with more set to follow.
- Launches a ‘contributed data’ model to build anonymized consensus estimates in institutional credit risk
- A dozen global banks already committed to supplying data
- Consensus coverage extends from sovereigns, banks and large corporates to SMEs, emerging markets and funds
- New York office to open later this year
Credit Benchmark unlocks an immense untapped resource in institutional credit risk: internal estimates from the world’s largest banks. Produced by highly skilled analysts using models validated by regulators, these estimates represent the views of qualified market participants with “real skin in the game.” Credit Benchmark, for the first time, transforms the value of these estimates by anonymizing and aggregating them to create precise and dynamic consensus views.
About Credit Benchmark
Credit Benchmark is a high-growth financial technology company, founded in 2012 by serial entrepreneurs Mark Faulkner and Donal Smith and led by CEO Elly Hardwick. Based in London, Credit Benchmark operates a contributed data model, focused on gathering credit risk information from the world’s major global banks. Credit Benchmark calculates consensus credit risk data analytics for institutional obligors, including sovereigns, banks, corporates and non-bank financials. The company currently produces estimates for probability of default (PD) and loss given default (LGD), which are useful for risk management and the financial markets more broadly.
To read the full press release click on this link: Credit Benchmark Press Release_vF