What FINCAD does

FINCAD, now operating under the Numerix brand, is a privately-held financial technology company providing quantitative analytics and risk management software for capital markets. Founded approximately three decades ago (1990 per firmographic record; 1996 per company-history source), the firm serves over 550 financial institutions across 52 countries with products spanning derivatives pricing, fixed income analytics, structured finance, XVA management, counterparty credit risk, and regulatory reporting. Its core technology is organized as a platform-plus-modules architecture: analytics libraries (CrossAsset, FINCAD Analytics Suite, Kynex Core) feed a cloud-enabled analytics infrastructure (NxCore Analytics Services, NxCore Python, Quant Development Platform, Analytics API) that in turn powers enterprise applications (Oneview for Market Risk, XVA, Counterparty Credit Risk, and Trading; PolyPaths for fixed income and banking ALM). The firm maintains a Quantitative Advisory Board and publishes quantitative research and white papers as part of its thought-leadership GTM motion.

The business runs on enterprise software licensing and subscription contracts sold through a direct enterprise sales force augmented by a 90-partner global channel network. Customers are segmented across front office, risk management, back office, quants/actuaries, technology/development, and fintech/consultant user types, with named reference clients including OCBC Bank (multi-year structured products partnership), VidaCaixa (insurance variable annuity launch in Spain), and an undisclosed leading European bank. Discrete funding of approximately $27.8M has been raised across four rounds (2002, 2012, 2016, 2019), with Vistara Growth leading the most recent $12M round in April 2019. Mark D'Arcy serves as President & CEO and Geoff Fite as Chairman. Recognized industry awards include Chartis Risk Tech 100 Top 20 (2024), Chartis Credit Risk Management (2025), WatersTech Asia (2023), FTF (2023), and Sell-Side Tech (2024), indicating analyst-validated standing in credit and enterprise risk technology.

Strategic positioning has been reinforced through brand consolidation (FINCAD into Numerix), inorganic expansion (PolyPaths for ALM, Kynex for convertibles), and productization of automation (e.g., document-review compression cited at weeks-to-hours). Geographic and vertical scope span North America, Europe, and Asia with sector reach across banking, insurance, asset management, and capital markets infrastructure.

Name

FINCAD

Legal name

Numerix

Website

https://fincad.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

51–100 employees

Short description

Numerix (formerly FINCAD) provides quantitative analytics and risk management software for pricing derivatives, fixed income, structured finance, XVA, and counterparty credit risk to 550+ financial institutions across 52 countries, delivered via analytics libraries, enterprise applications, and APIs.

Ownership category

akta.pro rank

Product category

Capital markets risk analytics software

NAICS

Software Publishers (5132), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Transaction Analytics & Cash-Flow Insights (risk signals, forecasting) (FSAGACAG)

Keywords

• Derivatives analytics software
• Risk management platform
• Fixed income pricing
• Structured finance analytics
• XVA calculation software

Headquarters

HQ city

Surrey

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Enterprise Software Licenses and Subscriptions: Enterprise software licensing model providing access to analytics libraries, trading and risk applications, and analytics infrastructure. Likely includes annual subscriptions or perpetual licenses for financial institutions.

Distribution channels3 records

Marketing channels6 records

Core offering

FINCAD (now Numerix) sells enterprise analytics software and applications for pricing, valuing, and risk-managing derivatives, fixed income securities, structured finance, convertible bonds, and life insurance annuities. Its offerings span analytics libraries (CrossAsset, FINCAD Analytics Suite), enterprise trading and risk applications (Oneview suite, PolyPaths ALM, Kynex), and a cloud-based analytics infrastructure with Python SDK, REST APIs, and a Quant Development Platform.

Product overview

Numerix (formerly FINCAD) offers a comprehensive portfolio of derivatives and fixed income analytics organized as a platform-plus-modules architecture. The core offering includes CrossAsset and FINCAD Analytics Suite as the primary analytics libraries providing pricing and risk calculations for OTC derivatives, fixed income, structured finance, convertible bonds, and insurance products. These libraries are delivered through multiple channels: Excel add-ins, multi-language SDKs (including Python), cloud-based workspaces (NxCore Workspaces), and REST APIs (Analytics API, Convertible Analytics API). The Oneview product line provides enterprise trading and risk management applications covering Market Risk, XVA, Counterparty Credit Risk, and Trading. PolyPaths delivers specialized fixed income trading, risk, and ALM management. NxCore Analytics Services and NxCore Python serve as the cloud-based analytics infrastructure with Python integration. The Quant Development Platform enables rapid capital markets application development. Kynex Core Analytics handles convertible-specific analytics. This unified architecture allows clients from front office trading to risk management to operations to leverage shared analytics engines with role-appropriate interfaces.

Differentiator

Problem solved

Functional benefit

Brands

• FINCAD Analytics Suite: Comprehensive analytics suite for derivatives and fixed income pricing and risk management
• Oneview
• CrossAsset
• PolyPaths
• NxCore
• Kynex

Products and services

• CrossAsset Analytics Library Comprehensive analytics library covering exotic derivatives, vanilla derivatives, fixed income, structured finance, convertible bonds, and life insurance annuities for pricing and risk calculation.
• Oneview for Market Risk Enterprise risk management application providing holistic views for managing market risk across trading operations at financial institutions.
• Oneview for XVA XVA management platform that industrializes end-to-end XVA (CVA, DVA, FVA) calculations and helps practitioners manage valuation adjustments with stronger controls.
• Oneview for Counterparty Credit Risk Enterprise application for managing counterparty credit risk (CCR), providing sophisticated tools for CCR analysis and mitigation.
• Oneview for Trading Trading management application enabling pre-trade pricing and workflow-driven risk management for OTC products across all asset classes.
• PolyPaths Trading and Risk Management Trading and risk management solution for fixed income and derivatives, supporting valuations and regulatory reporting.
• PolyPaths ALM Asset Liability Management solution for banking institutions, enabling comprehensive ALM analytics and reporting.
• NxCore Analytics Services Core analytics services providing derivatives and fixed income pricing and risk calculations delivered as cloud-based analytics infrastructure.
• NxCore Workspaces Cloud-based workspace environment for accessing pricing and risk analytics with integrated data and collaboration tools.
• NxCore Python Python-based interface that lets quants and developers leverage Numerix analytics libraries through Python.
• FINCAD Analytics Suite Derivatives and fixed income pricing and risk analytics library available via Excel add-in and SDKs for multiple programming languages.
• Kynex Core Analytics Core analytics engine for convertible bonds and related instruments, supporting portfolio and order management capabilities.
• Numerix Economic Scenario Generator Economic scenario generation tool for risk modeling and stress testing across various financial instruments and portfolios.
• Analytics API RESTful API providing programmatic access to Numerix pricing and risk analytics for integration into custom applications and workflows.
• Quant Development Platform Cloud-based IDE connected to pricing and risk analytics, data, Python libraries, and APIs for rapid development of capital markets applications.
• Convertible Analytics API Specialized API for convertible bond analytics, supporting portfolio management and order management for convertibles.

Quantifiable outcome

• Weeks of manual document review compressed into hours
• +1 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core.

• OCBC BankcoreStrategic or Co-development PartnerNearly 10-year partnership where OCBC Bank engaged Numerix to address challenges in structured products market innovation and risk management integration. The bank required a platform to help meet demand for products with innovative features and sophisticated risk management processes.
• VidaCaixacoreStrategic or Co-development PartnerPartnership to successfully launch an innovative variable annuity product to the Spanish market. Numerix provided analytics support for the new product development.
• Leading European BankcoreStrategic or Co-development PartnerPartnership to scale structured products business, adapt to changing market demands, and maintain competitive edge using Numerix CrossAsset platform.
• Partner Network (90 partners)coreChannel Partner/ Reseller/ DistributorGlobal partner network of 90 partners including system integrators, consultants, and resellers who implement and distribute Numerix solutions to financial institutions worldwide.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• MSCI: RiskMetrics, Barra, and analytics products for portfolio and market risk at asset managers and banks; complementary to Numerix on institutional risk, partially overlapping on multi-asset analytics.
• FactSet: Portfolio analytics, risk, and performance for institutional investors; partially overlapping analytics and risk coverage with Numerix on multi-asset class workflows.
• LSEG (Refinitiv, formerly Thomson Reuters): Broad financial data and analytics franchise (Eikon, DataScope, Quantitative Analytics) offering pricing/risk libraries that overlap with Numerix CrossAsset across rates, FX, and equities.
• FIS (SunGard): Capital markets software portfolio (Adaptiv, FameStation, RiskStation) covering trading, risk, and treasury; competes with Oneview and PolyPaths in bank treasury and risk functions.
• Bloomberg L.P. Terminal-based analytics and PORT enterprise risk offering serving the same institutional buy-side and sell-side customers; embeds risk libraries that compete with Numerix across market and counterparty risk use cases.

Direct peers

• Murex: Enterprise MX.3 platform for trading, risk, post-trade, and treasury across asset classes. Competes head-to-head with Oneview for Trading, XVA, and Market Risk at capital markets desks.
• S&P Global Market Intelligence (formerly IHS Markit): Provides derivatives pricing, valuations, and risk analytics across fixed income and structured products. Directly competes with CrossAsset and Oneview for Risk Management inside tier-1 banks and buy-side firms.
• Calypso Technology: Capital markets platform spanning trading, XVA, collateral, and counterparty risk; competes with Numerix in sell-side front-to-back deployments and ALM.
• Charles River Development (State Street): Front-to-back investment management platform for buy-side firms. Overlaps with Numerix in portfolio management, valuation, and risk workflows for asset managers.

Emerging players

• Adenza (formerly Broadridge / Fenics): Provides fixed income trading and analytics platforms (Fenics) competing with PolyPaths fixed income and Kynex convertibles analytics inside sell-side and large buy-side desks.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fincad

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FINCAD