The funding was led by a leading European SaaS investor, Notion Capital that will work with Acin to make rapid growth and supported by Fitch Ventures, the equity investment division of Fitch Group, a global leader in financial information services.
FREMONT, CA: Acin, a data standards company that digitizes operational and non-financial risk, raised $12 million in Series A round of financing. The funding round was led by a leading European SaaS investor, Notion Capital that will work with Acin to make rapid growth and supported by Fitch Ventures, the equity investment division of Fitch Group, a global leader in financial information services. Other new and existing investors include 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). Additionally, strategic investors will join this round in a second closing.
The funding will allow Acin to swiftly accelerate its proposition by continuing to improve its cloud-based Terminal with additional inventories of risks and controls, software extensions, and integrated benchmarking. This will render financial institutions with a complete front-to-back-office solution to evaluate and manage their operational and non-financial risks. With comprehensive applications beyond financial services, Acin will expand its solution into other sectors over time.
Acin’s award-winning system was built for and in collaboration with the world’s largest financial institutions. It revolutionizes the way these organizations manage their operational and non-financial risk and controls through a standardized, industry-wide inventory, and a first-of-its-kind Network that facilitates collaboration between members, currently 14 tier-one banks.
The system enables member organizations to fully digitize and quantify their operational and non-financial risks for the first time. It allows them to manage these risks using ground-breaking data science and comparing it with and learning from peers. The result is enhanced understanding and management of their operational and non-financial risk position, which ultimately makes their business safer and more efficient. This could have notable balance sheet benefits by decreasing the operational risk capital required to hold in the future.
Paul Ford, CEO and Founder of Acin commented: “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 see 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.