ZURICH & LONDON & NEW YORK--(BUSINESS WIRE)--ETFBOOK (SquaredData AG) has raised $13M in a funding round led by Expedition Growth Capital, with participation from existing investor BlackFin Capital Partners. This round funds the next phase of growth: expanding the default intelligence layer for the global ETF market and scaling it from EMEA to two other fast-growing regions – AMER and APAC.
The timing of this round is deliberate. Global ETF markets are exploding, in number of products and in managed assets, reaching $25T AuM according to ETFBOOK data, and on track towards $35T by 2030. The data infrastructure underneath the global ETF markets has, however, not kept pace and lacks a unified perspective. ETFBOOK was built to break the loop: fragmented sources feed broken data into the system, and manual reconciliation never catches up. The company provides an ETF-native intelligence layer that connects and normalises fragmented data layers into an actionable single source of truth, allowing clients within the ETF ecosystem to build on ETFBOOK’s harmonised data or to consume its ready-to-go analytics.
ETFBOOK already has a strong EMEA client base exceeding 70 enterprise clients, with recurring revenue growing more than 100% annually over the last few years. It serves major ETF Issuers, Fund Administrators, Market Makers and Authorised Participants, as well as a wide range of buy-side investors, such as Asset and Wealth Managers or Hedge Funds. The data and analytics products are accessible via API and a proprietary web application, and the company is adding an AI conversational layer to the package.
“Global capital has been moving out of mutual funds and into ETFs for years, and there is no turning back. What never kept up is the data and analytics underneath this growth, globally and for AI-native applications. Most firms still piece raw data together by hand, across a stack of vendors, formats, languages or conflicting versions. There is no single source of truth for global ETF markets across ETF data layers. That's the problem ETFBOOK is solving, and this round is what takes our AI-native approach from the EMEA region into the AMER and APAC markets.”
– Pawel Janus, PhD, Co-Founder and CEO at ETFBOOK
The market problem ETFBOOK addresses
ETFBOOK was built to solve the financial industry's biggest pain point: the lack of a single source of truth. The main safety mechanism of the system is built on individual analysts and their attention to detail. This is even more of an issue in the ETF space, where new providers, new fund launches and listings occur daily. According to ETFBOOK data as of September 2026, this year so far has brought 1,320+ new funds to the market across Europe (350+) and the US (970+): around seven every trading day.
This pace of growth is exactly why the market needs an ETF-native data layer. Unlike generalist financial data providers, ETFBOOK has focused exclusively on ETFs. Built by ETF experts, for ETF experts, on one scalable, AI-enhanced platform.
“We are rethinking how financial data platforms scale and deliver value. We’ve built an intelligent architecture that automates our core operations and frees us from linear headcount growth. This allows a lean team of technical and domain experts to focus on the best product experience for every user segment across our massive global ecosystem. With new funding, we will scale our product offering into the AMER and APAC regions, delivering an unprecedented level of unification and depth in ETF data and analytics. All that while maintaining flawless operational efficiency.”
– Bartlomiej Igla, Co-Founder and CTO at ETFBOOK
This expansion builds on a client base already spanning continental Europe, the UK and the US, with combined assets under management, daily custody services and trading activity running into the trillions of dollars.
From today’s platform to the next phase
ETFBOOK now segments the offering across three areas:
- Data is accessible programmatically, so clients can build their own tools using clean data via ETFBOOK APIs;
- Analytics are available through a proprietary web application, the ETFBOOK Platform, which gives enterprise clients multi-seat access to purposeful dashboards that the team keeps adding daily;
- Workforce lets clients use verified ETF data and workflow processes to combine them with their own (or any third-party) sources and run mission-critical ETF data operations at scale.
Following the previous funding round, ETFBOOK has built a scalable data platform, enhanced with AI tools to ensure efficient data ingestion, processing and distribution. Now, the company will deploy more resources across three areas to:
- expand the data coverage, including more ETF markets and deeper datasets to enrich analytics tools;
- enhance the web application to provide analytics tools across more use cases;
- strengthen the global presence by establishing teams in New York and Hong Kong, as well as building up the company’s delivery hub in Cracow with more talent.
ETFBOOK’s investors
Interest in the round was significant, and the company is grateful to have secured $13M of capital from Expedition Growth Capital and BlackFin Capital Partners – investors who are energised by ETFBOOK’s mission, trust the team, and share their long-term vision.
ETFBOOK is particularly happy to welcome the new investment team from Expedition Growth Capital. Their presence in the UK and US will be an asset as ETFBOOK executes the US expansion plans. As part of this round, Steve Twomey, based in Boston, joins ETFBOOK’s Board of Directors to support the company’s US go-to-market strategy. To reinforce that commitment, ETFBOOK is setting up a US entity, opening a New York office, and hiring a team on-site to support the US push on the ground.
“ETF markets are booming, but the data and workflows supporting the industry remain fragmented and outdated. ETFBOOK has built the specialist data, analytics and operating layer this market increasingly needs, and we are excited to support its expansion from a strong European base into the US and APAC.”
– Steve Twomey, Partner at Expedition Growth Capital
ETFBOOK is equally grateful to BlackFin Capital Partners, whose continued backing in this and earlier rounds reflects a shared, long-term view of the ETF market.
“ETFs are reshaping asset management faster than any product the industry has seen. Issuers, distributors and investors are all racing to keep pace. As a fintech-specialist investor, we back the infrastructure that makes that growth possible, which is exactly why we're doubling down on ETFBOOK as it turns its vision of becoming the ETF industry's global intelligence layer into reality.”
– Romain Grimal, Investment Director at BlackFin Capital Partners
About ETFBOOK
ETFBOOK (SquaredData AG) is an ETF data and analytics platform that provides the default intelligence layer for global ETF market participants – across issuers, asset managers, liquidity providers, hedge funds, and capital markets desks. Covering 11,000+ ETFs across Europe and the US, the platform delivers daily T+1 data across flows, trading, holdings, and segment analytics across Primary and Secondary Markets. Founded in 2020 and headquartered in Zürich, it also operates from London, New York, Paris, and Cracow as its tech hub, with a Hong Kong office on the way.
Website: etfbook.com
About Expedition Growth Capital
Expedition is a growth equity firm that partners with rapidly growing, founder-owned software & AI companies on their path to market leadership. The firm brings capital for growth initiatives and shareholder liquidity, highly relevant operational expertise, and a track record of trusted, respectful partnerships with founders. Founded in 2020 and with offices in London and Boston, Expedition has more than $1 billion under management and has partnered with more than 20 capital-efficient emerging leaders – domain-specialist companies scaling ambitiously with a use for capital, not a need for it.
Website: expedition.capital
About BlackFin Capital Partners
Founded in 2009, BlackFin Capital Partners is an independent venture capital and private equity firm focused exclusively on financial services companies. Backed by international institutional investors and with over €4 billion in assets under management, BlackFin is a sector leader, combining deep sector expertise with operational experience. As part of its venture capital strategy, BlackFin invests in high-growth fintech and insurtech companies from Series A to Series C.
Website: blackfin.com
Contacts
Media contact
Robert Swietlicki, Marketing Lead at ETFBOOK
r.swietlicki@etfbook.com
