Acin lands $24m in Series B funding from global banking heavyweights
UK-based artificial intelligence-led risk control data platform Acin has raised $24 million in a Series B funding round led by a consortium of global banking heavyweights comprising of JP Morgan, Citi, BNP Paribas, Barclays and Lloyds Banking Group.
Acin bags $24m Series B funding
The round also saw participation from existing investors Notion Capital, Talis Capital and Fitch Ventures.
Founded in 2018 and headquartered in London, Acin’s platform enables financial institutions to digitise their operational and non-financial risk analysis.
The firm says it 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”.
Acin claims its data analysis tech reveals 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,” the company says.
Acin plans to use the fresh cash to fund “further strategic product development” in partnership with the investing banks and existing clients. It also plans to accelerate its expansion into new areas of the financial industry.
“Acin was conceived to make the industry safer, by enabling risk control content to be transformed into data and shared collaboratively, through anonymised benchmarking and sharing of best practice,” says Paul Ford, CEO and founder of Acin.
Ford adds that the investment conveys a “strong signal” of a shared commitment to addressing operational risk from industry leaders.
Acin last raised $12 million in a Series A funding round led by Notion Capital. With the new fundraise, its total capital raised to date stands at $36 million.
