ETFBOOK, a Zurich-based ETF data and analytics platform, has raised $13 million to expand its intelligence infrastructure beyond Europe and accelerate growth across the U.S. and Asia-Pacific markets.
The funding round was led by Expedition Growth Capital, with participation from existing investor BlackFin Capital Partners. ETFBOOK plans to use the capital to broaden its ETF data coverage, enhance its analytics platform, and establish larger teams in New York and Hong Kong.
ETFBOOK, formally SquaredData AG, is building what it describes as an intelligence layer for the global exchange-traded fund market. Its technology collects, normalizes and connects fragmented ETF information covering areas including fund flows, holdings, trading activity and market segments.
The company is targeting a market that has become considerably larger and more complex as ETF issuance accelerates globally.
According to ETFBOOK data, global ETF assets under management have reached approximately $25 trillion and are projected to approach $35 trillion by 2030. At the same time, more than 1,320 new ETFs have launched across Europe and the U.S. during 2026 through September, equivalent to roughly seven new products per trading day.
That product proliferation has created a growing data challenge for ETF issuers, fund administrators, market makers, wealth managers, hedge funds and other market participants that need to compare products across multiple sources.
ETFBOOK is attempting to replace much of that manual reconciliation with a single normalized data layer that can be consumed directly by users or incorporated into other financial technology systems.
The company’s customer base now exceeds 70 enterprise clients, compared with more than 35 around the time of its Series A financing. ETFBOOK said recurring revenue has grown by more than 100% annually over the past several years.
Its customers span both the supply and demand sides of the ETF ecosystem, including issuers, fund administrators, authorized participants, market makers, asset managers, wealth managers and hedge funds.
The platform currently covers more than 11,000 ETFs across Europe and the U.S. and delivers daily T+1 information involving flows, trading, holdings and segment analytics across primary and secondary markets.
ETFBOOK distributes its products in several ways.
Clients can access clean ETF information programmatically through APIs and use that data to build their own applications. The company’s proprietary web platform provides enterprise users with dashboards and analytics tools, while its Workforce offering enables clients to combine verified ETFBOOK information with their own or third-party data for larger-scale operational workflows.
The company is also adding a conversational AI layer to its products.
ETFBOOK said its architecture increasingly uses AI to automate data ingestion, processing and distribution. Management believes that automation can allow the business to scale the amount of information it processes without requiring employee headcount to increase at the same rate.
The new funding will support three primary areas of expansion.
ETFBOOK plans to add additional ETF markets and deeper datasets, broaden the use cases available through its web application and build a larger international operating footprint.
The company is establishing teams in New York and Hong Kong while continuing to expand its technology and delivery hub in Cracow.
The U.S. is expected to be a particularly important growth market.
As part of the financing, Boston-based Expedition Growth Capital Partner Steve Twomey is joining ETFBOOK’s board of directors to help support the company’s U.S. go-to-market strategy.
ETFBOOK is also establishing a U.S. entity, opening a New York office and hiring employees locally to support sales and customer operations.
Expansion into Asia-Pacific will be supported by the planned Hong Kong operation, extending ETFBOOK’s reach beyond its existing European and U.S. footprint.
ETFBOOK was founded in 2020 and is headquartered in Zurich. It currently operates from Zurich, London, New York, Paris and Cracow, with Hong Kong being added as part of the next stage of growth.
The financing also represents a follow-on investment from BlackFin Capital Partners, the financial-services-focused investment firm with more than €4 billion under management.
Expedition Growth Capital, meanwhile, focuses on founder-owned software and AI companies and manages more than $1 billion. The firm has backed more than 20 growth-stage companies since its founding in 2020.
ETFBOOK’s strategy is ultimately based on becoming a specialized data infrastructure provider for a market whose size and complexity are expanding faster than traditional manual research processes can accommodate.
As more ETF products are created and more investors rely on the structure for portfolio exposure, the company believes demand will increase for standardized data that can support both human analysts and AI-powered financial applications.
KEY QUOTES:
“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 of ETFBOOK
“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.”
Bartlomiej Igla, Co-Founder and CTO of ETFBOOK
“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
“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
