ICAP

What ICAP does

ICAP CRIF S.A. (formerly ICAP A.E.) is a Greece-headquartered provider of business information, credit risk solutions, and ESG evaluation services, operating as a wholly-owned subsidiary of Italian multinational CRIF S.p.A. since December 2021. The company is the only ESMA-certified Credit Rating Agency in Greece (certified since July 2011 and upgraded to the highest Credit Quality Step in 2024), issuing corporate, structured finance, financial institutions, project finance, and shipping credit ratings. Its product portfolio centers on the MYRA AI/ML-powered credit risk analysis platform, the Synesgy global ESG assessment platform, Risk.Profiler for bank credit risk intelligence, Data.Prisma for business intelligence, and a suite of monitoring, audit, and relationship-mapping modules (Credit.Eye, Credit Passport, Audit.Spot, Business Family Tree). ICAP CRIF also publishes sector studies covering 40+ Greek economic sectors and runs an annual event portfolio including the Credit Risk Management Conference (18 editions), ESG Summit, Women in Business Forum, and True Leaders Awards.

The company monetizes primarily through subscription-based enterprise B2B sales — annual subscriptions for credit rating services, business information reports, ESG platform access, and credit monitoring — supplemented by one-time purchases of sector studies, professional training fees, and marketing/sales solutions. It serves three primary customer segments: banks and financial institutions requiring credit risk management and regulatory-compliant ratings; large corporates and multinationals needing credit assessments, ESG ratings, and partner due diligence; and SMEs/mid-market firms purchasing business information, sector studies, and credit reports. Pricing is quote-based with no public disclosure, and distribution is hybrid: direct enterprise sales teams, digital self-service platforms (icapb2b.gr, findbiz.gr, MYRA portal, OntheGo mobile app), and the CRIF global network for international clients. The company operates from Athens (Kallithea) with regional presence in Romania (post-Date Firme acquisition, 2024), Bulgaria, and Cyprus, serving 7,000+ customers with 260+ employees.

Founded in 1964, ICAP has reported record revenues and profits for nine consecutive years (through 2021 disclosures). It holds ISO 27001:2013 information security certification, integrates Dun & Bradstreet global data and IBM-hosted infrastructure into its platform stack, and was recognized as a SUPERBRAND in Greece for 7 consecutive years through 2026-27 and as a Leader in the 2024 Forrester Wave for credit information providers.

Name

ICAP

Legal name

ICAP CRIF S.A. (ICAP CRIF Ανώνυμη Εταιρεία)

Website

https://icapcrif.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

101–250 employees

Short description

ICAP CRIF is a Greece-headquartered, ESMA-certified credit rating agency and business information provider, wholly-owned by CRIF S.p.A., serving 7,000+ banks, corporates, and SMEs across Southeast Europe with credit risk analytics, ESG ratings, and sector research.

Ownership category

akta.pro rank

Product category

Credit Information & Risk Analytics

NAICS

Credit Bureaus (561450), Credit Bureaus (56145), Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industry

CRM Data Quality, Enrichment & CDP-Adjacent CRM (HDAEAFAJ)

Keywords

• Credit risk solutions
• Business information services
• Credit rating agency
• ESG assessment platform
• Sector studies research

Headquarters

HQ city

Voluntari

HQ country

Romania

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Credit Rating Services: Credit ratings and scores for corporations, structured finance, financial institutions, project finance, and shipping companies. Operates as a certified Credit Rating Agency approved by ESMA since July 2011.
2. Business Information & Credit Risk Solutions: Business reports, credit risk reports, company data, financial behavior data, and monitoring services for evaluating creditworthiness of companies and individuals.
3. Sector Studies & Industry Reports: Sectoral/industry studies covering 40+ sectors of the Greek economy, sold as publications. Includes primary and secondary research on various industries.
4. ESG Consulting & Solutions: ESG consulting services, Synesgy platform subscriptions, and sustainability assessments for corporate clients.
5. Marketing & Sales Solutions: Marketing tools, Adrenaline platform, brand advertising in business publications, and findbiz platform for business discovery.
6. Risk Training Institute: Professional training and certification programs for credit risk management and compliance.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

ICAP CRIF provides credit rating agency services, business information, and credit risk management solutions for banks, corporations, and government entities across Southeast Europe. The company operates proprietary platforms including MYRA for AI-powered credit risk analysis, Synesgy for ESG assessment, Data.Prisma for business intelligence, and Risk.Profiler for bank risk solutions, supplemented by consulting services, sector studies, and a professional risk training institute.

Product overview

ICAP CRIF operates as a comprehensive credit risk and business information solutions provider with a modular platform-plus-services architecture. The core offerings center on ICAP CRIF Ratings (credit rating agency services) and Business Information & Credit Risk Solutions, supported by the MYRA analytical platform and Data Prisma analytics tools. The Synesgy ESG platform provides sustainability assessment capabilities, while add-on modules like Risk.Profiler, Credit.Eye, Credit Passport, and Audit.Spot extend functionality for specific use cases. Services include ESG Consulting, Open Banking Solutions, Risk Training Institute, and extensive Sector Studies. The portfolio is accessible via web platforms (ICAP CRIF B2B, findbiz), mobile application (OntheGo), and major annual events including Credit Risk Management Conference, ESG Summit, and Women in Business Forum. With 60+ years of presence in Greece, Romania, Bulgaria, and Cyprus, the company serves over 7,000 clients through 260+ employees.

Differentiator

Problem solved

Functional benefit

Brands

• Synesgy: Global ESG platform for sustainability assessment and reporting
• MYRA
• RiskProfiler
• ICAP CRIF OntheGo
• ICAP Risk Training Institute
• Credit.Eye
• Data.Prisma

Products and services

• MYRA - My Risk Analysis Credit risk analysis platform providing real-time risk intelligence and assessment capabilities for businesses and financial institutions, powered by AI and machine learning.
• ICAP CRIF Ratings (Credit Rating Agency Services) Credit Rating Agency services providing corporate credit ratings, structured finance ratings, financial institutions ratings, project finance ratings, and shipping company ratings.
• Business Information & Credit Risk Solutions Comprehensive business information services, credit risk reports, customer portfolio analysis, company financial behavior data, and Dun & Bradstreet Finance & Compliance Solutions.
• Synesgy Global ESG platform enabling companies to assess and improve their environmental, social, and governance performance and sustainability practices.
• Risk.Profiler Risk solution specifically designed for banks providing credit risk intelligence and profiling capabilities.
• ICAP CRIF Data Prisma Advanced data analytics platform providing comprehensive business intelligence and risk assessment tools.
• ICAP CRIF B2B B2B platform providing self-service access to business reports, credit ratings, and monitoring services.
• findbiz Sales and marketing tool for identifying business prospects and market intelligence.
• Adrenaline Marketing and sales optimization tool for business development and corporate brand advertising in printed business editions.
• ESG Consulting Services Advisory services helping companies develop and implement ESG strategies and sustainability initiatives.
• Open Banking Solutions Digital solutions enabling secure access to banking data for enhanced financial analysis and risk assessment.
• ICAP Risk Training Institute Professional training institute offering risk management education and certification programs for credit risk professionals.
• Sector Studies (Kladikes Meletes) Comprehensive industry analysis and sector studies covering 35+ Greek economic sectors, sold as one-time purchases via online shop.
• Credit.Eye Monitoring and alert service for continuous credit risk surveillance and notifications on portfolio changes.
• Credit Passport Innovative credit service providing comprehensive credit history documentation.
• ICAP Audit.Spot Search tool for identifying companies based on comments from sworn auditors.
• Business Family Tree Service for mapping and analyzing corporate relationships and ownership structures.

Quantifiable outcome

• Covering over 7,000 corporate customers
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability5 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered regional, flagship, core and minor.

• Date FirmeregionalStrategic or Co-development Partner · 18 July 2024ICAP CRIF acquired Date Firme in Romania in July 2024, expanding its presence in the Romanian market. This acquisition strengthens ICAP CRIF's footprint in Southeast Europe.
• CRIF S.p.A.flagshipStrategic or Co-development Partner · 23 December 2021CRIF acquired ICAP in December 2021, making ICAP CRIF part of the global CRIF network. This acquisition strengthened CRIF's leadership position in Southeast Europe and enabled ICAP CRIF to leverage global resources, technology platforms, and cross-border data capabilities. The partnership provides ICAP CRIF access to CRIF's global presence across 50+ countries.
• Dun & BradstreetcoreTechnology or IntegrationICAP CRIF integrates Dun & Bradstreet products and data into its service offerings. This includes D&B Global Bankruptcy Reports, Hoovers visitor intelligence, and D&B Finance & Compliance Solutions. The partnership provides access to D&B's global business database and analytics capabilities.
• IBMcoreTechnology or IntegrationIBM provides cloud hosting and data center infrastructure for ICAP CRIF servers located in Athens. ICAP CRIF's servers are hosted at IBM's data center ensuring enterprise-grade security and reliability for data operations.
• Piraeus BankcoreChannel Partner/ Reseller/ DistributorPiraeus Bank provides payment processing services through its Paycenter platform for ICAP CRIF's online transactions, enabling secure credit card payments for sector studies and services.
• Association of Greek CEOs (EASE)coreStrategic or Co-development PartnerICAP CRIF partners with EASE to produce the quarterly CEO Index, a leading economic sentiment indicator in Greece. This joint publication provides insights into CEO confidence and economic outlook.
• Teiresias S.A.coreTechnology or IntegrationTeiresias is a Greek banking consortium that provides negative credit data (bad checks, protested bills, bankruptcies). ICAP CRIF accesses this data for credit risk assessments.
• ESMA (European Securities and Markets Authority)flagshipOthersESMA is the regulatory authority that certified ICAP CRIF as a Credit Rating Agency since July 2011, enabling the company to provide official credit ratings recognized across the EU.
• Association of Greek Women Entrepreneurs (SEGE)minorGTM or Marketing PartnerSEGE is under the patronage of ICAP CRIF's Women in Business Forum, an annual event focused on female entrepreneurship and leadership in Greece.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Regional players

• Creditinfo Group: Iceland-headquartered credit bureau and information services group operating across emerging and frontier European markets. Comparable as a credit bureau and business information provider focused on underpenetrated regional markets similar to ICAP CRIF's SEE footprint.
• TBI Credit (Romania): Romanian financial services and credit information provider. Comparable as a regional credit information and consumer credit operator in the Romanian market where ICAP CRIF just expanded via the Date Firme acquisition.

Broad incumbents

• TransUnion: Global credit bureau offering consumer and business credit information, analytics, and risk solutions. Comparable to ICAP CRIF in credit information and risk analytics, though with much larger global scale and primarily consumer focus.
• Experian: Global information services company providing credit reporting, business information, and analytics. Direct peer in business credit information and decisioning analytics, with significant European presence.
• Dun & Bradstreet: Global leader in business information and commercial credit data. ICAP CRIF distributes D&B products in SEE and competes with it for business information and credit risk analytics deals across the region.
• Moody's Analytics / Bureau van Dijk: Moody's business unit offering company data, credit analytics, and risk solutions through Bureau van Dijk. Directly competes with ICAP CRIF in business information and ESG analytics globally, with much larger scale.

Direct peers

• Bisnode (now Dun & Bradstreet): Was a leading Nordic and European business information provider before being acquired by D&B. Closely comparable as a regional business information, credit, and marketing data provider operating across multiple European markets.
• Coface: French credit insurer and business information provider offering commercial credit reports, scoring, and receivables management. Comparable as a credit information specialist serving corporates and financial institutions across Europe.
• CRIF S.p.A. Italian multinational parent of ICAP CRIF and one of the largest credit information and business intelligence providers globally. Directly comparable as a credit bureau, ratings provider, and ESG data platform across 50+ countries.
• Euler Hermes (Allianz Trade): Trade credit insurer and business information provider operating globally under Allianz. Direct peer in credit information, ratings, and credit risk analytics, with strong European footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=F7UasGYyMH4

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 ICAP