Acin closes $12m round as it looks to help banks improve non-financial risk management

Acin, which aims to help banks with their non-financial risk management, has secured $12m in its Series A round, which was led by Notion Capital.

Other commitments came from Fitch Ventures, former SunGard president and CEO Cris Conde, Artorius Wealth Management chairman Christopher Carter and GoCardless COO Carlos Gonzales-Cadenas.

The FinTech stated other strategic investors will join the round as part of a second closing. No other details of this was offered.

With the close of the Series A, Acin is hoping to enhance its cloud-based platform with additional inventories of risks and controls, software extensions, integrated benchmarking. These tools will provide financial institutions with a suite of front-to-back-office solutions to assess and manage their operation and non-financial risks.

Acin will further grow the platform over time.

The platform enables clients to digitise and quantify their operational and non-financial risks, giving them an improved understanding and management of their operational and non-financial risk position.

Acin CEO and founder Paul Ford said, “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.

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