Credit ratings agency Moody’s led a $5m funding round yesterday for Finagraph, a US-based financial data collection and business intelligence services provider.
Other investors have not been named. Moody’s previously made an investment of undisclosed size in Finagraph in February 2016.
Finagraph, established in 2011, has developed technology to automate the collection of financial data. The company’s platform integrates directly into accounting software and offers business intelligence and credit risk assessment.
The money will go towards further expansion across North America and will also support accelerated product development.
James Walter, chief executive of Finagraph, said: “Harnessing the power of technology to automate the exchange of financial information between parties is transformative. Finagraph streamlines the data collection process by replacing weeks of back-and-forth emails and phone calls with the click of a button, instantly transferring financial and credit information.”