- Acin closes Series B with consortium of industry-leading banks
Acin, the global operational risk control data network, today announced it has 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 funding 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 investing banks and existing clients. Additionally, it will enable Acin to expand and accelerate into new areas across the financial services industry.
Acin’s platform empowers financial institutions to digitise their operational and non-financial risk analysis, using ground breaking 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 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.
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Founded in 2018, the Acin platform is the defining global operational risk network for connecting and quantifying data from the world’s largest financial institutions. Acin’s data analytic capabilities reveal gaps, duplication, and granular areas of weakness, enabling faster remediation at lower costs for completeness and optimised operations. This insight gives member firms exponentially deeper insights across their risk management landscape and against peer best practices.
Acin is making the financial services sector safer, delivering prioritisation and acceleration of value to transformation and simplification programmes, plus ongoing dynamic risk management value across all three lines of defence, enabling significant operational cost savings. Combined with substantial contributions to loss/penalty avoidance and the ability to evidence industry comparison and progress towards stated goals, reinvigorated discussions are now possible at both board and regulator level around residual risk and capital allocation.
Acin has achieved global industry recognition, including Risk.net’s OpRisk Innovation of the Year 2022 (second year in a row), Best ESG Risk Data Provider 2022, FS Tech Awards Risk Management Software of the Year 2021, and was named one of the most innovative regtech companies in 2019 and 2020. Visit www.acin.com to learn more.
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