Acin, a London, UK-based risk and control data standards, benchmarking and controls data analytics company, secured $12m in Series A funding.
The round was led by Notion Capital, with participation from Fitch Ventures, 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 company intends to use the funds to continue 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.
Led by Paul Ford, CEO and Founder, Acin provides a system that enables organizations to manage their operational and non-financial risk and controls through a standardised, industry-wide inventory, and a Network that facilitates collaboration between members, currently 14 tier-one banks. The system allows members to fully digitize and quantify their operational and non-financial risks and enables them to manage these risks using data science, as well as comparing with, and learning from, peers.