EthiFinance
EthiFinance is a European ESG and credit rating agency serving asset managers, banks, issuers, and SMEs across France, Germany, and Spain, operating a double materiality framework across 2,300+ listed companies and independent credit research on 275+ High Yield issuers via its Spread Research franchise.
- Company typePrivate
- Founded2004
- HeadquartersLiège, France
- Headcount11–50
- GTM typeB2B
- OfferingServices
What EthiFinance does
EthiFinance is a privately held European rating and research group headquartered in Lyon, France, with offices in Paris, Madrid, and Hannover, operating two core franchises: an ESG and credit rating agency registered with ESMA and recognized as an ECAI by the EBA and EIOPA, and an independent credit research business (Spread Research) covering approximately 275 Euro High Yield and convertible bond issuers. The group applies a double materiality methodology that integrates both impact materiality (how corporate actions affect people and planet) and financial materiality (how sustainability issues affect economic performance) into its rating approaches, and covers over 2,300 European large and SMID stocks through its GAIA ESG rating product.
The group serves asset managers, banks, issuers, asset owners, insurance companies, and SMEs/mid-caps across Europe, with named customer logos spanning water infrastructure (GS Inima), biomass/forestry (ENCE), banking (Arkéa Banque Entreprises & Institutionnels), asset management (Imocom Partners, HI Capital, Matacapital, Seroba), private banking, family offices, and others. Revenue is generated primarily through subscription-recurring ESG and credit rating data products, subscription-based independent credit research subscriptions, and professional-services sustainable finance consulting delivered by approximately 45 ESG experts across France, Germany, and Spain.
EthiFinance was formed in 2017 through the merger of Spread Research and EthiFinance (both founded in 2004), received a majority investment from the Andromède family office (Hériard Dubreuil family) in 2020, and expanded through the acquisitions of Axesor Rating (Spain, 2022) and imug rating (Germany, 2023). The group employs more than 160 people and is positioned to become one of the first European ESG rating providers registered under the new ESMA supervisory regime effective 2 July 2026.
EthiFinance firmographics
Firmographics- Name
- EthiFinance
- Legal name
- SAS Ethifinance
- Website
- https://ethifinance.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- EthiFinance is a European ESG and credit rating agency serving asset managers, banks, issuers, and SMEs across France, Germany, and Spain, operating a double materiality framework across 2,300+ listed companies and independent credit research on 275+ High Yield issuers via its Spread Research franchise.
- Ownership category
- akta.pro rank
EthiFinance industry classification
Industry- Product category
- ESG and Credit Rating Services
- NAICS
- Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- ESG Data, Ratings & Climate Benchmarks (FSAFAIAI)
- akta.pro secondary industries
- ESG/Sustainable Investment Advisory (FSAEAAAJ), Fee-Based Advisory (FSAEAAAM)
Keywords
Where EthiFinance is headquartered
LocationHeadquarters
- HQ city
- Liège
- HQ country
- France
- HQ region
- Europe
Offices4 records
Markets served
EthiFinance business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- ESG Rating Agency Services: ESG ratings and data services for investors to make informed and responsible decisions. Includes solicited sustainability assessments, second party opinions, climate transition solutions, ESG data solutions, and tailor-made ESG research.
- Credit Rating Agency Services: Credit ratings helping companies ensure transparency and facilitate access to finance. EthiFinance Ratings is registered with ESMA and recognized as ECAI by EBA and EIOPA.
- Sustainable Finance Consulting: Expert consulting on sustainable finance for financial actors on all questions related to implementing sustainable finance solutions - from ESG strategy design to operational deployment.
- Independent Credit Research (Spread Research): Independent credit research on High Yield, hybrid bonds, and convertible bonds. Provides fundamental analysis and investment recommendations to institutional clients across Europe.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels7 records
EthiFinance product offering
Product offeringCore offering
EthiFinance is a European rating and research agency providing independent ESG ratings, credit ratings, sustainable finance consulting, and independent credit research. Its ESG ratings (including the GAIA rating product) cover 2,300+ European large and SMID stocks, while its credit ratings are registered with ESMA and recognized as an ECAI by EBA and EIOPA. Services are sold to institutional asset managers, banks, issuers, asset owners, and insurance companies across Europe.
Differentiator
Problem solved
Functional benefit
Products and services
- ESG Ratings and Data Independent ESG ratings and data covering 2,300+ European large and SMID stocks, helping institutional investors make informed and responsible decisions.
- Solicited Sustainability Assessments Company-requested sustainability assessments performed at the issuer's initiative, producing an independent sustainability opinion.
- Second Party Opinions Independent opinions on the sustainability quality and alignment of financial instruments such as green, social, and sustainability-linked bonds.
- Climate Transition Solutions Climate transition solutions helping SMEs and mid-cap companies address climate risks and regulatory requirements through diagnostic and assessment tools.
- ESG Data Solutions Quantitative and qualitative ESG data feeds and datasets supporting investor analysis and portfolio ESG integration.
- ESG Tailor-Made Research Bespoke ESG research and analysis projects tailored to specific investor or issuer questions on sustainability topics.
- Sustainable Finance Consulting Expert consulting on sustainable finance for financial actors covering ESG strategy design, ESG investment strategy, portfolio construction, and operational deployment.
- Credit Ratings Independent credit ratings registered with ESMA and recognized as ECAI by EBA and EIOPA, helping companies ensure transparency and facilitate access to finance.
- Independent Credit Research (Spread Research) Independent credit research on European High Yield, hybrid bonds, and convertible bonds, covering approximately 250 Euro High Yield issuers and 25 High Yield convertible bond issuers, with direct analyst access.
- GAIA ESG Rating Flagship ESG rating product specialized for SMEs and mid-cap companies, covering 2,300+ European large and SMID stocks with a unique qualitative dimension from annual dialogue with companies about their ESG information.
Quantifiable outcome
- 2400+ European large and SMID stocks covered by ESG ratings
- +3 more outcomes
Companies that use EthiFinance
Customer profileNamed customers7 records
Segments6 records
Ideal customer profiles4 records
EthiFinance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
EthiFinance partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- EACRA (European Association of Credit Rating Agencies)coreFounding member of EACRA, a cooperation and dialogue platform for credit rating agencies across Europe. Created in November 2009 with eleven members, each solidly anchored in their respective market with significant market share and good reputation among local investors.
- EASRA (European Association of Sustainability Rating Agencies)coreFounding member of EASRA, launched in Paris, France in spring 2023. Objective is to become the representative body for a new generation of European sustainable finance service providers. EASRA members commit to transparency, rigor, independence, and promotion of double materiality.
- PRI (Principles for Responsible Investment)coreSignatory of the PRI (Principles for Responsible Investment), demonstrating commitment to responsible investment practices.
- CesceminorPartnership with Cesce for credit rating agency products and services distribution.
- Product/Service DistributorsminorCommercial network includes distributors of EthiFinance's products and services across Europe.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
EthiFinance competitors and assessment
Company assessmentEmerging players
- EcoVadis: Provider of business sustainability ratings focused on global supply chains and SMEs, with a strong European base. Adjacent competitor in SME and mid-cap sustainability assessment, where EthiFinance's GAIA rating also operates.
- Clarity AI: AI-driven ESG and sustainability analytics platform offering company-level ESG ratings, climate metrics and impact measurement. Competes with EthiFinance on the data/technology axis, particularly for asset managers seeking API-native ESG data.
Direct peers
- Sustainalytics: Specialist ESG ratings and research firm (owned by Morningstar) with broad European institutional penetration. Direct competitor to EthiFinance's ESG ratings, second-party opinions and ESG advisory offerings.
- ISS ESG: Institutional Shareholder Services' ESG business, providing corporate and sovereign ESG ratings, climate solutions and stewardship data. Competes with EthiFinance across European asset-manager and asset-owner mandates.
- Vigeo Eiris (Moody's ESG Solutions): Originally an independent European ESG rating agency, now part of Moody's, with strong overlap with EthiFinance in European ESG ratings, second-party opinions and sustainable finance advisory.
- MSCI: Provider of MSCI ESG Ratings covering thousands of global companies, widely used by European asset managers and asset owners. Direct competitor in the institutional ESG ratings and data segment that EthiFinance serves.
- Moody's: Global credit rating leader and, through Moody's ESG Solutions (incorporating Vigeo Eiris and SynTao), one of the largest ESG rating and data providers. Direct competitor to EthiFinance's credit ratings, ESG ratings and sustainable finance advisory in Europe.
- Fitch Ratings: Major global credit rating agency with ECAI recognition in Europe and an expanding sustainable finance offering. Direct peer to EthiFinance Ratings, particularly in European mid-cap and SME credit ratings.
- Scope Group: European-headquartered rating agency providing credit ratings, ESG ratings and fund research across Europe. Closest pure-play peer to EthiFinance in terms of European focus, ECAI recognition and combined credit + ESG positioning.
- S&P Global: Operates S&P Global Ratings (credit) and S&P Global Sustainable1 (ESG data, scores, and CSA used by DJSI). Directly competes with EthiFinance across both credit and ESG ratings for European institutional clients.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
EthiFinance social profiles
Digital presenceEthiFinance financial estimates
Financial estimateRevenue estimate
Valuation estimate
EthiFinance leadership team
Management profileNumber of profiles
Profiles14 records
EthiFinance subsidiaries and ownership
Company hierarchySubsidiaries6 records
EthiFinance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EthiFinance M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EthiFinance
What does EthiFinance do?
EthiFinance is a European rating and research agency providing independent ESG ratings, credit ratings, sustainable finance consulting, and independent credit research. Its ESG ratings (including the GAIA rating product) cover 2,300+ European large and SMID stocks, while its credit ratings are registered with ESMA and recognized as an ECAI by EBA and EIOPA. Services are sold to institutional asset managers, banks, issuers, asset owners, and insurance companies across Europe.
Is EthiFinance a public or private company?
EthiFinance is a private company. It is classified as family owned and is currently operating.
When was EthiFinance founded?
EthiFinance was founded in 2004. It employs 11 to 50 people.
Where is EthiFinance based?
EthiFinance is headquartered in Liège, France, in the Europe region.
How does EthiFinance make money?
Four revenue lines are on record. ESG Rating Agency Services are the primary driver. The others are credit Rating Agency Services, sustainable Finance Consulting and independent Credit Research (Spread Research).
Who are EthiFinance's main competitors?
Emerging players on record are EcoVadis and Clarity AI. Direct peers are Sustainalytics, ISS ESG, Vigeo Eiris (Moody's ESG Solutions), MSCI, Moody's, Fitch Ratings, Scope Group and S&P Global.
Does EthiFinance have an API?
No public API is recorded for EthiFinance.
What industry is EthiFinance in?
EthiFinance's product category is ESG and Credit Rating Services. Its primary akta.pro industry code is FSAFAIAI, ESG Data, Ratings & Climate Benchmarks, with a secondary code of FSAEAAAJ, ESG/Sustainable Investment Advisory. Its NAICS code is 523940 and its SIC code is 6282.