Ibonis

What Ibonis does

INBONIS Rating (legal entity INBONIS S.A.) is a privately-held European credit rating agency headquartered in Madrid, Spain, with a commercial office in Paris. Founded in 2019, it is registered with the European Securities and Markets Authority (ESMA) under Regulation (EC) No 1060/2009 and holds External Credit Assessment Institution (ECAI) status, allowing its ratings to be used for Eurosystem monetary policy operations and bank capital calculations. The company specialises in credit ratings for SMEs and mid-caps — a segment historically underserved by the three major rating agencies — and operates across all 27 EU member states with a stated target of 10,000 rated companies by 2030.

The firm issues credit ratings through a proprietary four-dimensional methodology covering business risk, financial risk, shareholders/governance, and economic environment, and licenses this approach as the Refocal® technology platform. Its core subscription product is priced at €4,500-€20,000 per annum for rating issuance and 12 months of monitoring, with an average 10-day issuance process requiring only 4 hours of client time. Around this core, INBONIS offers ESG solutions, SME portfolio evaluation, the INBONIS Club membership programme, and the subscription-based Plataforma de Entidades Calificadas. As of December 2024, the company had rated approximately 1,200 SMEs and mid-caps, and reports internal data showing that 55% of rated entities raise long-term financing within six months and that rated firms achieve 16% average sales growth in the two years following a first rating.

Revenue is generated through a sales-led, subscription-based model combining SME/mid-cap rating fees, methodology licensing (Refocal®), institutional contracts with public development banks and government agencies, and partnerships with multilateral institutions. Distribution leverages endorsements and embedded use-cases from the European Investment Bank, the International Finance Corporation, the OECD, CESCE (the Spanish export credit agency), Innovation Norway, Comunidad de Madrid, and the Spanish Secretary of State for Trade, which position INBONIS ratings as eligibility criteria for state and regional financing programmes. The company also operates commercial-agent channels and a multilingual digital presence (English, Spanish, French). No external funding rounds are disclosed; José Antonio Álvarez, former CEO of Grupo Santander, joined as Chairman and shareholder in February 2026.

Name

Ibonis

Legal name

INBONIS S.A.

Website

https://inbonis.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Credit Rating Services

NAICS

Credit Bureaus (56145), Credit Bureaus (561450)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro industry

PRIMARYFSACACAI

Structured Finance Ratings & Surveillance

Financial & Insurance/Capital Markets & Securities/Securitization & Structured Finance

SECONDARYFSAAALAK

ESG Reporting, Disclosure & Regulatory Compliance (SFDR, EU Taxonomy, TCFD/ISSB)

Financial & Insurance/Asset & Wealth Management/Asset Management — ESG/Sustainable & Impact Investing

Keywords

• SME credit ratings
• Mid-cap credit assessment
• ESMA registered agency
• ECAI credit evaluation
• SME financing solutions

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Credit Rating Issuance and Annual Monitoring: Annual subscription-based credit rating services for SMEs and mid-caps, including initial rating issuance and 12 months of ongoing monitoring. Pricing ranges from €4,500 to €20,000 per annum depending on company complexity, time commitment, and application volumes.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

INBONIS Rating is a credit rating agency specialized in European SMEs and mid-caps, issuing annual credit ratings using a proprietary four-dimension methodology (business risk, financial risk, shareholding and governance, and economic environment). Each rating includes 12 months of continuous monitoring and is delivered with a ~10-day average issuance period requiring approximately 4 hours of company time. Complementary services include ESG assessment, SME portfolio evaluation, and the Refocal® technology license.

Product overview

INBONIS Rating operates as a unified credit rating platform for SMEs and mid-caps in Europe, centered on its core Credit Rating service. The platform offers credit assessments through a proprietary methodology specifically designed for smaller companies, analyzing four dimensions: business risk, financial risk, shareholding and governance, and economic environment. The portfolio extends to ESG Solutions and SME Portfolio Evaluation for comprehensive assessment needs, and the Refocal® Technology License enables third-party access to the methodology. All services are delivered through the Plataforma de Entidades Calificadas, a subscription-based restricted-access platform providing ratings reports with 12-month validity and ongoing monitoring.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 55% of rated companies raise long-term financing within 6 months
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature1 record

Partnerships

Eleven partnerships are on record, tiered flagship and core.

• European Investment Bank (EIB)flagshipStrategic or Co-development Partner · 2 June 2026Partnership agreement to support access to financing for European startups and scaleups through credit ratings. EIB and INBONIS collaborate to facilitate access to financing for smaller businesses using INBONIS credit ratings as a quality signal.
• Neot CapitalcoreStrategic or Co-development Partner · 30 April 2026INBONIS Rating selected by Neot Capital to support transport sector financing. INBONIS provides credit assessment for sustainable transport financing operations.
• Innovation NorwaycoreStrategic or Co-development Partner · 25 February 2026INBONIS Rating selected by Innovation Norway to support industrial green transition. Provides credit assessment services for Norwegian companies participating in green transition programs.
• International Finance Corporation (IFC)flagshipStrategic or Co-development Partner · 15 December 2025Joint initiative to boost midcaps in emerging markets. IFC and INBONIS collaborate to provide credit assessment for mid-cap companies in developing economies.
• Comunidad de MadridcoreStrategic or Co-development Partner · 23 October 2025Launched Lista INBONIS de midcaps madrileñas con grado de inversión (INBONIS List of Madrid midcaps with investment grade). Collaborative initiative to identify and promote investment-grade midcaps in the Madrid region.
• INFORMA D&BcoreStrategic or Co-development Partner · 25 June 2025Partnership to promote credit ratings as a common language for SMEs, financiers, and administrations. Joint efforts to increase adoption of credit ratings in the SME financing ecosystem.
• OECDflagshipGTM or Marketing Partner · 5 December 2024OECD support for SME credit ratings. The Organisation for Economic Co-operation and Development endorses the use of credit ratings for SMEs as a tool to revitalize capital markets.
• CESCEcoreStrategic or Co-development PartnerSpanish export credit agency recognizes INBONIS ratings as a benchmark of solvency in their analysis of operations with SMEs and mid-caps. INBONIS ratings streamline the process of obtaining guarantees from Cesce on behalf of the State.
• SME Finance ForumflagshipStrategic or Co-development PartnerJoint publication of research report 'Enhancing Long-Term Finance for SMEs in Europe' with conclusions from high-level expert group deliberation.
• AvalmadridcoreStrategic or Co-development PartnerAgreement signed between Avalmadrid and INBONIS Rating for collaboration on SME financing and guarantee programs.
• Spanish Secretary of State for TradeflagshipStrategic or Co-development PartnerContract to provide credit assessment services in emerging markets. INBONIS analyzes the solvency of exporting companies seeking support under the FIEM (Fondo para Inversiones en el Exterior) program.

Scale indicators6 records

Recent moves6 records

Regional players

• Cerved: Cerved is an Italian business information and credit risk analytics provider serving Italian SMEs and mid-caps with proprietary credit scores and ratings. Comparable to INBONIS as a regional SME credit assessment provider, though primarily Italian-focused rather than pan-European.

Broad incumbents

• S&P Global Ratings: S&P Global Ratings is one of the Big Three global credit rating agencies, with full ESMA registration and ECAI status. It is comparable as a direct ratings competitor to INBONIS across European corporates, but at a vastly larger scale and broader scope.
• DBRS Morningstar: DBRS Morningstar is an ESMA-registered global credit rating agency serving corporate and structured finance issuers in Europe. It is comparable as another mid-sized rating agency peer, with a broader asset-class footprint than INBONIS but overlapping SME/mid-cap issuance activity.
• Fitch Ratings: Fitch Ratings is the third of the globally dominant credit rating agencies, also ESMA-registered with ECAI status. It is comparable to INBONIS as a credit rating provider for European entities, but competes primarily in the large-cap and structured finance space INBONIS does not target.
• KBRA (Kroll Bond Rating Agency): KBRA is an ESMA-registered credit rating agency offering corporate, financial institution, and structured finance ratings, including activity in European mid-cap issuers. Comparable to INBONIS as a registered CRA with overlapping mid-cap issuance.
• Moody's: Moody's is one of the globally dominant credit rating agencies, issuing corporate and structured finance ratings. It is comparable to INBONIS as a direct rating-issuance peer, though it serves large-cap and structured finance rather than the SME/mid-cap niche INBONIS specializes in.

Emerging players

• Egan-Jones Ratings: Egan-Jones is a US-based credit rating agency that has expanded into SME and middle-market corporate ratings, often competing on price sensitivity. Comparable to INBONIS as a smaller, niche-focused rating agency with a similar value proposition of disrupting traditional rating pricing.
• EthiFinance: EthiFinance is a European sustainable finance rating and advisory firm that absorbed Axesor, a Spanish rating agency. Comparable to INBONIS as a European mid-cap-focused rating provider with strong overlap in the Spanish and French markets.

Direct peers

• modeFinance: modeFinance is an Italian-based credit rating agency that pioneered SME and mid-cap credit ratings in Europe and operated ARC Ratings. It is highly comparable to INBONIS as a direct peer in the SME credit rating niche with similar methodology positioning.
• Scope Ratings: Scope Ratings is a European-based credit rating agency with ESMA registration and ECAI status, focused on mid-sized and smaller European corporates as well as structured finance. It is the most direct head-to-head competitor to INBONIS in the European SME/mid-cap rating niche.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/inbonis_rating
• YouTubeyoutube.com/@InbonisRating
• LinkedInes.linkedin.com/company/inbonis

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

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 Ibonis