F2 vs Hebbia (2026)
F2 and Hebbia both read data rooms for credit and private markets teams, and F2 positions itself directly against Hebbia for private market underwriting. The decision is whether you want a credit specialist that builds the model or a general document engine that answers questions across any document set. F2 spreads statements into source linked workbooks, writes every calculation into an Excel Databook traced to file, sheet and cell, and builds IC memos and portfolio monitoring on a lender's precedent deals. Hebbia's Matrix asks the same questions of hundreds of documents at once and cites every cell to the sentence, for finance and law alike. F2 names its model subprocessors, OpenAI, Anthropic and Google, in its privacy notice, while Hebbia's model detail comes from OpenAI's customer story. Hebbia lists ISO 27001 and ISO/IEC 42001 beside SOC 2 Type 2, and F2 states SOC 2 Type II. Neither reports an error rate for its own reading of credit documents.
- You underwrite credit. F2 spreads financial statements into source linked workbooks and builds IC memos, models and portfolio monitoring around corporate loans.
- You want the model built, not just questions answered. Audit Mode writes every calculation into a live Excel Databook with precedents and dependents traced to the source cell.
- You want precedent deals inside the analysis. Institutional Knowledge turns past memos, models and credit agreements into a searchable base that each new deal draws on.
- You want subprocessors named. F2's privacy notice lists OpenAI, Anthropic, Google Gemini, Google Cloud Platform and Auth0.
- Your documents are not only credit. Matrix answers questions across any document set, from SEC filings to credit agreements, for finance and law teams alike.
- You want every answer correctable. Analysts can flag or overwrite any cell in a Matrix grid, and each answer cites its exact sentence.
- Your review asks for an AI management certification. Hebbia lists ISO/IEC 42001 with SOC 2 Type 2 and ISO 27001:2022.
- You need European processing. Hebbia offers storage and inference in the United States or the European Union, with dedicated tenants.
This comparison is published by AI FinTech Index, an independent research platform that publishes independent ratings of AI vendors for financial services. F2 and Hebbia are each graded against the same capability taxonomy, from each vendor's own public materials and the regulatory record, under the AI FinTech Index verification standard. No vendor pays for placement, and no vendor has reviewed this page. How this evidence is graded
Plain facts
| F2 | Hebbia | |
|---|---|---|
| Primary category | Capital Markets & Research AI | Capital Markets & Research AI |
| Founded | 2025 | Not published |
| Headquarters | New York, New York, United States | Not published |
| Website | f2.ai | www.hebbia.com |
Side by Side
Select any grade to read the note behind it.
| Axis | F F2 |
H Hebbia |
|---|---|---|
| AI Centrality | ||
| Autonomy and Oversight Model | ||
| Model Risk Management and Transparency | ||
| Operational and Outcome Evidence | ||
| AI Safety and Data Stewardship | ||
| GLBA and Data Privacy Posture | ||
| Security Certifications and Trust Center | ||
| Regulatory Status and Licensure | ||
| AI Governance and Bias Disclosure | ||
| AI Liability and Recourse | ||
| Model Supply Chain Disclosure | ||
| Core Systems and Integration Depth | ||
| Deployment Model and Data Residency | ||
| Commercial Transparency | ||
| Institution and Segment Coverage |
The short version of each
F2
F2 is a credit underwriting and monitoring platform for private credit funds and commercial banks, deployed at more than 100 of them by its own count. Statements are spread into source linked workbooks, data rooms are synthesized into IC memos, and Institutional Knowledge makes a lender's past deals searchable as precedent. According to the AI FinTech Index, F2 has a dated customer case study with a measured result, Decathlon Capital's diligence tasks cut by roughly 25 to 50 percent, and Golub Capital invested $5 million.
Source: AI FinTech Index, 2026
Hebbia
Hebbia is a document analysis platform for asset managers, private equity firms, banks, credit investors and law firms. Matrix runs questions across hundreds of documents as a grid, with every cell cited to the page, paragraph and sentence and open to correction. Hebbia lists SOC 2 Type 2, ISO 27001 and ISO/IEC 42001 and offers US or EU processing with dedicated tenants.
Source: AI FinTech Index, 2026
Common questions
Is F2 or Hebbia better for private credit?
F2 is built for credit, from statement spreading and underwriting models to IC memos and loan monitoring, with Golub Capital and Decathlon Capital as references. Hebbia suits teams that need one engine for many document types and questions, across credit, equity and legal work. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 10, 2026. No vendor pays for placement.
How does each make AI output checkable?
F2 writes every calculation into an Excel Databook traced to the source file, sheet and cell. Hebbia cites each grid cell to the exact sentence and lets analysts overwrite any answer. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 10, 2026. No vendor pays for placement.
Which models do they use?
F2 named Opus 4.8, ChatGPT 5.5 and Gemini 3.5 Flash in June 2026, and its privacy notice lists OpenAI, Anthropic and Google Gemini. OpenAI's customer story names o1, o3 mini and GPT 4o for Hebbia. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 10, 2026. No vendor pays for placement.
Do F2 and Hebbia train on client data?
Both say no. Hebbia says neither it nor its model providers train on customer data. F2 covers data room documents and IC outputs under a Zero Data Retention Agreement, though its privacy notice keeps service data after a relationship ends for its own analysis. Graded by AI FinTech Index against the same capability axes from each vendor's own published materials, verified October 10, 2026. No vendor pays for placement.
Related comparisons
Other published head to head assessments involving these vendors or their closest peers. The full set for this category is on the Capital Markets & Research AI page.
F2 positions itself against Hebbia in its own comparison material, so its framing of the matchup is a vendor's own. The two sit in different segments, credit underwriting for F2 and document research for Hebbia, and overlap on data room work. Neither reports an error rate for reading credit documents, so a missed covenant in either would surface only when someone checks the source.