London-based fintech startup Acin secures $12 million in Series A funding to digitize non-financial risk for financial institutions worldwide
Acin is a London, England-based data standards firm that is transforming the financial industry’s approach to non-financial risk management. Its system allows member organizations to fully digitize 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.
Today, Acin announced it has raised $12 million in Series A funding 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. The round was led by leading European SaaS investor Notion Capital, with participation from Fitch Ventures and other new and existing investors.
Founded in 2018 by Paul Ford, Acin is leading a breakthrough in the digitization of non-financial risk for financial institutions worldwide. Acin’s solution combines technology and data standardization to digitize non-financial risk, with an industry-wide network that connects users within and across organizations.
Acin’s solution enables institutions to consistently measure, manage, and mitigate their non-financial risk, in a way that they haven’t been able to in the past. And, crucially, organizations can clearly visualize their data, benchmark performance, and demonstrate compliance to regulators. This in turn allows them to reduce costs, return their focus to their core business, and contribute to making the industry safer.
Commenting on the funding, Paul Ford, CEO, and Founder of Acin, said: “The need to digitize 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 realize our potential.” Ford added: “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.”