Financial data has been the most resilient pocket of fintech for VC across the last three cycles. High gross margins, multi-year contracts and the strategic importance of proprietary data to asset managers and banks have held valuations up through periods when consumer fintech compressed 70 to 80 percent. Investors price on net revenue retention, contract durability and dataset depth rather than top-line ARR growth alone.

The investor mix runs across fintech specialists with strong data books (Ribbit, QED, Bain Capital Ventures), generalists with deep enterprise-data experience (Sequoia, a16z, Index, Insight) and the strategic arms of the exchange groups and information businesses that buy from this segment. Corporate VC participation is meaningful - Goldman Sachs, Citi Ventures and the exchange-group venture units take positions in datasets they expect to license. Flow has direct relationships across this base.

Flow has experience running VC fundraising processes for financial data and analytics companies across market data, alternative data, ESG and ratings, research platforms and analytics for asset managers, banks and corporates. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.