Acin, the data standards firm that is digitising operational and non-financial risk, today announces it has secured $12 million in Series A funding.
The funding round was led by leading European SaaS investor Notion Capital, which will work closely with Acin to drive rapid growth, and supported by Fitch Ventures, the equity investment arm of Fitch Group, a global leader in financial information services.
Other new and existing investors include Cris Conde (former President & CEO of SunGard), Christopher Carter (Chairman of Artorius Wealth Management and former Vice Chairman – Institutional Securities at Morgan Stanley) and Carlos Gonzales-Cadenas (COO at GoCardless and ex SkyScanner CPO). Additional, strategic investors will join this round in a second closing.
The funding will enable Acin to rapidly accelerate its proposition, by continuing to enhance its cloud-based Terminal with additional inventories of risks and controls, software extensions and integrated benchmarking.
This will provide financial institutions with a complete front-to-back-office solution to assess and manage their operational and non-financial risks. With extensive applications beyond financial services, Acin will expand its solution into further sectors over time.
Acin’s award-winning system was created for, and in collaboration with, the world’s largest financial institutions. It revolutionises the way these organisations manage their operational and non-financial risk and controls through a standardised, industry-wide inventory, and a first-of-its-kind Network that facilitates collaboration between members, currently 14 tier-one banks.
The system allows member organisations to fully digitise and quantify their operational and non-financial risks for the first time ever and enables them to manage these risks using ground-breaking data science, as well as comparing with, and learning from, peers. The result is improved understanding and management of their operational and non-financial risk position, which ultimately makes their business safer and more efficient.
Paul Ford, CEO and Founder of Acin, commented: “The need to digitise operational and non-financial risks is now more important than ever for the financial services sector, with the Covid-19 crisis shedding fresh light on the need for data to manage existing and emerging risks.
We are seeing a collective desire from the industry for a solution built on collaboration and sharing of information and Acin’s approach is transformative in its ability to deliver this. This funding will enable us to accelerate our growth to meet the demand and needs of our clients.”
Stephen Chandler, Managing Partner at Notion, said: “Numerous billion-dollar tech companies have been created in Market and Credit Risk but Operational Risk remains under-served, with static data and antiquated processes and systems. As such, Acin’s ground-breaking platform is addressing one of the largest ‘white space’ opportunities in the overall risk landscape and their client list is a testament to the strength of their offering. We at Notion are delighted to be supporting them on their journey to define and lead this category.”
Shea Wallon, Managing Director, Fitch Ventures stated, “We have been tracking Acin and talking to the team over the last 18 months – we have been impressed by both their client engagement and dedicated focus as they build their operational risk platform. We are also excited that Acin is the first European investment for Fitch Ventures.”