Acin, an operational risk control data network, has closed $24m in a Series B funding round backed by a flurry of multinational banks.
The round was backed by a strategic consortium of industry-leading banks, comprised of JP Morgan, BNP Paribas, Lloyds Banking Group, Citi and Barclays.
Also taking part in the raise was other investors incluing Notion Capital, Fitch Ventures and Talis Capital.
Acin claims its platform empowers financial institutions to digitise 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 practice between firms, underpinned by a standardised library of risks and controls.
The results, Acin claims, revolutionise the understanding and management of firms’ operational and non-financial risk positions accelerating their journey to become safer and more efficient. Minimising operational risk capital is a shared industry ambition and Acin’s solution is a key building block.
According to Acin, the funding will enable further strategic product development in partnership with investing banks and existing clients. It will also enable Acin to expand and accelerate into new areas across the financial services industry.
Acin CEO and founder Paul Ford said, “Acin was conceived to make the industry safer, by enabling risk control content to be transformed into data and shared collaboratively, through anonymised 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.”
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