Acin, the London-based data standards firm that is digitising operational and non-financial risk, announced it has secured $12 million in Series A funding led by Notion Capital, a leading European SaaS investor,
Other investors such as Fitch Ventures, the investment arm of the US-based Fitch Group, a global leader in credit ratings and research, along with 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) also participated in the funding round.
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.
Commenting on the funding, 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.
“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.” Ford continued: “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.”
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 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 the dedicated focus they bring to the questions they are answering as they build their operating system. We are excited that Acin is the first European investment for Fitch Ventures.”
Acin was advised by Zelig, an independent investment bank providing M&A and fundraising advice to entrepreneurs, corporates and investors operating in the FinTech sector globally. It was also supported by international law firm Withers, through its specialist venture capital and technology team at Withers tech, which advises founders, companies and investors across its offices in Europe, the US and APAC.
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