UK-based regtech company Acin has raised $12 million in series A funding to spearhead efforts to create a complete front-to-back-office solution to assess and manage operational and non-financial risks.
European software-as-a-service investor Notion Capital led the $12 million funding round and will work closely with Acin to drive rapid growth. Fitch Ventures, the investment arm of US-based ratings agency Fitch, supported the round.
Acin is a data and knowledge-sharing network focused on quantifying, standardising and digitising operational risk.
Its cloud-based Terminal solution digitises non-financial risk management for financial services organisations, providing standardised, industry-wide inventories. Acin has 14 tier-one member banks, including Société Générale, Credit Suisse and Standard Chartered, in its network.
The series A funding will be used to enhance Terminal with additional inventories of risks and controls, software extensions, and integrated benchmarking.
Acin also plans to expand its solution into further sectors beyond financial services over time.
The regtech company’s platform is “addressing one of the largest ‘white space’ opportunities in the overall risk landscape”, according to Stephen Chandler, managing partner at new investor Notion.
Chandler said: “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.”
“We at Notion are delighted to be supporting them on their journey to define and lead this category.”
Paul Ford, chief executive officer and founder of Acin, said: “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 realise our potential.”
He 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.”
Shea Wallon, managing director of Fitch Ventures, said: “We have been tracking Acin and talking to the team over the last 18 months—we have been impressed by both their client engagement and the dedicated focus they bring to the questions they are answering as they build their operating system. We are excited that Acin is the first European investment for Fitch Ventures.”