ETFBOOK raises $13M to take its ETF data platform global

Zurich-based ETFBOOK has raised a $13M round led by Expedition Growth Capital, with existing investor BlackFin Capital Partners, to take its ETF data and analytics platform into the Americas and Asia-Pacific.

European fintechs are usually told they scale too late and too locally – and yet here is a Swiss data company expanding into New York and Hong Kong because its problem is worst exactly where the assets sit. Below, I lay out the round, the company behind it, and why the industry that prices everything still struggles to read the fastest-growing wrapper in asset management.

A $13M cheque to open New York and Hong Kong

ETFBOOK announced the $13M round on 16 September 2026. London growth investor Expedition Growth Capital leads, and BlackFin Capital Partners – the Paris fintech specialist that led the company’s first external round – returns. Expedition partner Steve Twomey joins the board, per the announcement. Neither the company nor the coverage puts a stage label on it, so we will not either.

The money has a map attached. ETFBOOK will open offices in New York and Hong Kong, stand up a US entity, and grow its delivery hub in Krakow, while broadening its datasets, deepening the analytics in its web platform and building out an AI conversational layer on top of the data.

The logic is blunt: ETFs are a global product with regionally fragmented data, and the two regions ETFBOOK does not yet cover from the inside – the Americas and Asia-Pacific – hold most of the assets. “Global capital has been moving out of mutual funds into ETFs for years, and there is no turning back. What never kept up is the data and analytics underneath this growth,” co-founder and CEO Pawel Janus said in the announcement.

Two founders and a single source of truth

Founded in Zurich in 2020 by Pawel Janus and Bartlomiej Igla, and incorporated as SquaredData AG, ETFBOOK normalises fragmented ETF data – flows, holdings, listings, trading – into one platform, delivered through APIs and web applications. Its customers are the machinery of the ETF market itself: issuers, fund administrators, market makers, authorised participants, asset and wealth managers, and hedge funds.

The traction line is the story. When BlackFin led the company’s €4M first round in February 2025, ETFBOOK counted 35+ institutional clients, per EU-Startups. Nineteen months later the announcement claims 70+ enterprise clients across continental Europe, the UK and the US, with recurring revenue growing more than 100% annually in recent years. Doubling the client base between two rounds is the kind of chart investors do not need explained.

The $49.2bn industry that still under-reads ETFs

The segment ETFBOOK sells into is financial market data and analysis, and it is enormous: $49.2bn in global spend in 2025, up 6.5% on the year – Burton-Taylor, March 2026. The wrapper underneath is growing faster still. Global ETF assets have reached $25tn and are projected to approach $35tn by 2030, per figures cited in the company’s announcement – roughly 9% a year – with more than 1,320 new ETFs launched across Europe and the US in 2026 alone.

For scale among rounds we have covered recently: Chift raised €10.5M this same week to unify Europe’s fragmented financial software, and Limetax raised €36M to consolidate German tax firms with AI. At $13M with 70+ enterprise clients already paying, ETFBOOK sits comfortably in that cohort of European companies funded to industrialise financial plumbing rather than to find product-market fit.

Zurich builds, Krakow delivers, the world buys

What does this round tell us beyond one company’s good year? First, that European fintech infrastructure is now exported, not just consumed. The reality is that Europe rarely produces the terminals and tape the industry runs on – the market data giants are overwhelmingly American. The good news is that ETFs reset the board: the wrapper is young enough that nobody owns its data layer yet, and a Zurich team with a Krakow delivery hub can credibly go claim it. That two-city build – Swiss trust and client proximity, Polish engineering density – is quietly becoming a standard European pattern, and it works.

Second, watch the investor mix. A London growth firm leading, with a Paris fintech specialist doubling down, into a Swiss-Polish company selling to New York and Hong Kong – the round is itself a small map of how European capital now travels. We keep asking when Europe will produce global financial infrastructure; rounds like this one suggest the honest answer is that it already does, one data layer at a time – it just rarely announces the stage.

Every verified European round, including this one, lands in our fundraising database. The next test for ETFBOOK is whether a European data company can win in the two regions that write the biggest data cheques. Watch the New York office – and let’s keep counting!