Transparency Analytics (“the Company”), a financial benchmarking company specialising in private credit, has completed its second funding round, led by Deciens Capital. The round also included participation from Allianz Life Ventures, the corporate venture arm of Allianz Life Insurance Company of North America; Mouro Capital; FJ Labs; SUM Ventures; and Core Innovation Capital. The financial terms of the private transaction were not disclosed.
The Company has developed a quantitative, technology-driven model that delivers fully transparent corporate credit ratings. Its real-time indicative ratings platform enables rapid assessment of a company’s creditworthiness. Transparency Analytics currently provides corporate credit ratings across a range of debt structures, including credit tenant leases, project finance and other methodologies, supporting institutional lenders managing more than $1 billion in credit assets.
“We are extremely proud to welcome this outstanding group of investors, including Deciens Capital, who is known for their focus on digital transformation, and Allianz Life Ventures, which is part of Allianz SE, one of the largest companies, insurers and asset managers in the world,” said Michael Brawer, Chief Executive Officer of Transparency Analytics. “We offer a differentiated model with the goal of providing highly transparent ratings at a time of heightened concern among market participants about the potential for elevated private credit risk in largely illiquid debt securities.”
The rapid expansion of private credit, expected to reach $3.5 trillion by 2028, has highlighted the growing need for transparent, efficient and consistent risk measurement and pricing across the entire ecosystem. This includes capital providers, asset managers, borrowers, regulators and insurers, which collectively hold a significant portion of the asset class. Transparency Analytics was founded to address these structural needs.
“We believe Transparency Analytics is poised to digitally transform the traditional, opaque credit ratings process with their next-generation, technology-enabled quantitative private debt ratings analysis,” said Daniel Kimerling, Founder and Managing Partner at Deciens Capital. “Through application of their model, ratings can be provided in a timely fashion without sacrificing accuracy, to deliver a new level of transparency that will allow lenders to act with confidence.”
Proceeds from the funding will be used to scale the Company’s technology platform, further develop its go-to-market strategy and expand its financial benchmarking solutions, including the launch of a private credit index. Transparency Analytics was founded in 2024 by a team combining deep Wall Street analytics expertise with Silicon Valley engineering capabilities.
"Michael and team have built a new technology-enabled way to score private credit risk and we can't be more excited to be backing them," said Jeff Weinstein, Partner at FJ Labs.
“We’re thrilled to back Transparency Analytics once again after participating in the first funding round,” said Chris Gottschalk, General Partner at Mouro Capital. “The team has made tremendous progress, and their approach has received a positive reception from a number of financial institutions as they work toward the goal of NRSRO designation with the Securities and Exchange Commission.”
About Transparency Analytics
Transparency Analytics is a financial benchmarking company dedicated to measuring risk and delivering transparent, technology-driven solutions for clients in the evolving world of private credit.
For more information about Transparency Analytics, visit www.transparency-analytics.com.
About Deciens Capital
Deciens Capital is an early-stage venture capital firm focused on transforming financial services. Founded in 2017, Deciens backs high-conviction founders reimagining how financial systems are built, distributed, and consumed.
Learn more at deciens.com.
About Allianz Life Ventures
Allianz Life Ventures is the corporate venture arm of Allianz Life Insurance Company of North America. Allianz Life Insurance Company of North America does not provide financial planning services. Allianz Life Insurance Company of North America and its affiliates are not affiliated with the entities listed.
About Mouro Capital
Mouro Capital is a venture capital firm with $400M assets under management that targets early to growth fintech investment opportunities across Europe, North America, and Latin America.
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