Transparency Analytics, a financial benchmarking firm focused on private credit, has completed its second funding round led by Deciens Capital.
The round included participation from Allianz Life Ventures, the corporate venture arm of Allianz Life Insurance Company of North America, alongside Mouro Capital, FJ Labs, SUM Ventures, and Core Innovation Capital. While financial terms were not disclosed, the investment positions the company to address the growing need for transparency in the opaque private credit market.
The private credit market is projected to grow to $3.5trillion by 2028, creating an urgent demand for consistent measurement and pricing of risk. Transparency Analytics aims to fill this gap with a quantitative-based model that delivers transparent ratings for corporate credit.
The company currently provides ratings for various debt structures—including credit tenant leases and project finance—to institutional lenders managing over $1billion in credit assets. Its real-time portal offers rapid feedback on creditworthiness, designed to replace traditional, slower processes.
Michael Brawer, chief executive officer of Transparency Analytics, commented on the significance of the backing: “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… 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.”.
Digital transformation of credit ratings
Investors view the company’s technology as a necessary evolution for the sector. Daniel Kimerling, founder and managing partner at Deciens Capital, stated: “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.”.
The capital will be used to scale the company’s platform, refine go-to-market strategies, and develop new benchmarking solutions, including a private credit index.
Chris Gottschalk, general partner at Mouro Capital, noted the company’s regulatory progress: “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.”.
Founded in 2024, Transparency Analytics combines Wall Street analytics with Silicon Valley engineering to modernize how private credit risk is scored and managed.