EthiFinance

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.

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

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

• ESG rating services
• Credit rating services
• Sustainable finance consulting
• Credit research analysis
• ESG data solutions

Headquarters

HQ city

Liège

HQ country

France

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 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.
2. 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.
3. 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.
4. 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

Core 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

Named customers7 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• EACRA (European Association of Credit Rating Agencies)coreStrategic or Co-development PartnerFounding 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)coreStrategic or Co-development PartnerFounding 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)coreStrategic or Co-development PartnerSignatory of the PRI (Principles for Responsible Investment), demonstrating commitment to responsible investment practices.
• CesceminorChannel Partner/ Reseller/ DistributorPartnership with Cesce for credit rating agency products and services distribution.
• Product/Service DistributorsminorChannel Partner/ Reseller/ DistributorCommercial network includes distributors of EthiFinance's products and services across Europe.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Emerging 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

• YouTubeyoutube.com/@ethifinance_EU
• LinkedInlinkedin.com/company/ethifinance
• Xx.com/EthiFinance

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about EthiFinance