Acin has secured $12m (£9.2m) in Series A funding in a bid to spearhead the digitalisation of its operational and non-financial risk.
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 investment arm of the US-based Fitch Group.
The funding will reportedly 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 ‘front-to-back’ office solution to assess and manage their operational and non-financial risks.
Acin’s system was created for, and in collaboration with, the world’s largest financial institutions.
According to the group, 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”.
Paul Ford, CEO and founder of Acin, said: “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.”
He added: “Notion is the perfect partner for Acin, as they share our belief in the market opportunity and in the value of our solution. They have a wealth of experience and connections, and we’re extremely excited about working with them to realise our potential.”
“To have Fitch invest in Acin is a testament to the importance of the opportunity we are addressing and a commitment to seeing it through – we are delighted to have their backing.”
Shea Wallon, managing director, Fitch Ventures underlined their interest in Operational Risk by remarking: “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.”