Acin, a London, UK-based global operational risk control data network, announced that it closed $24 million in Series B funding from a strategic consortium of industry-leading banks, comprised of JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group.
The round was also supported by existing investors Notion Capital, Talis Capital, and Fitch Ventures, the equity investment arm of Fitch Group.
This funding will enable further strategic product development in partnership with investment banks and existing clients. Additionally, it will enable Acin to expand and accelerate into new areas across the financial services industry.
Paul Ford, founder, and CEO of Acin commented: “Acin was conceived to make the industry safer, by enabling risk control content to be transformed into data and shared collaboratively, through anonymized benchmarking and sharing of best practice. This investment demonstrates that the market shares our vision of transforming risk management with data across the entire financial sector. This strategic consortium is a testament to the shared vision of banks and a strong signal that there is a shared commitment to addressing operational risk from leaders within the industry.”
Its platform empowers financial institutions to digitize their operational and non-financial risk analysis using groundbreaking data analytic capabilities.
Acin has established a network that calibrates data and facilitates the sharing of best practices between firms, underpinned by a standardized library of risks and controls.
Company: Acin Limited
Raised: $24.0M
Round: Series B
Funding Month: December 2022
Lead Investors: JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group
Additional Investors: Notion Capital, Talis Capital, and Fitch Ventures
Company Website: https://www.acin.com/
Software Category: AI-led Risk Control Data Platform
About the Company: Founded in 2018 and headquartered in London, Acin is a SaaS-based, enterprise platform transforming the way financial services firms manage non-financial risk through technology, data standards, and content-driven platform that connects financial services firms to better measure, manage, and mitigate non-financial risk. Acin’s platform enables financial institutions to digitize their operational and non-financial risk analysis. Acin enables firms to standardize non-financial risks, and controls, improve efficiency and reduce the cost of their risk and control operating model.
Source: https://www.acin.com/jp-morgan-citi-bnp-paribas-barclays-and-lloyds-banking-group-make-new-strategic-investment-in-operational-risk-management-firm-acin/