Fintech startup Acin has today announced that it has raised $12m in Series A funding to further expand its digitising efforts for non-financial and operational risk.
The funding round was let by Notion Capital, a leading European software as a service investor, with additional investment in Acin coming from Fitch Ventures, former SunGard CEO Cris Conde, Artorius Wealth Management chair Christopher Carter and GoCardless COO Carlos Gonzales-Cadenas.
Acin’s core product is the cloud-based Terminal, which enables financial institutions to manage operational and non-financial risk across front and back office.
Developed in collaboration with leading financial institutions, the platform is designed to increase the safety and efficiency of financial institutions. Acin also says that there is the potential for significant reductions in the amount of operational risk capital that institutions are required to hold as a result of using the system.
The funding will enable Acin to expand Terminal by adding additional risk and control inventories and integrated benchmarking, as well as adding extensions to other software.
The company also plans to expand the platform to other sectors beyond financial services in the future.
Acin funding comes as finance sees urgent need to digitise
The funding sees Acin position itself as a strong digitisation option for financial services at a time when such efforts are increasingly essential – particularly in light of the coronavirus pandemic.
“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,” said Paul Ford, CEO and founder of Acin.
“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.”
In particular, Acin attracted investors due to its focus on operational risk, which is considered a less crowded area than credit and market risk.
“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,” said Stephen Chandler, managing partner at Notion.
“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.”