Acin, a UK-based fintech, announced on Monday it secured $12 million through its Series A funding round, which was led by European SaaS investor, Notion Capital, with participation from Fitch ventures, 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).
Founded in 2018, Acin claims it is leading a breakthrough in the digitization of non-financial risk for financial institutions worldwide. The company’s solution combines technology and data standardization to digitize non-financial risk, with an industry-wide network that connects users within and across organizations.
“This enables institutions to consistently measure, manage and mitigate their non-financial risk, in a way that they haven’t been able to in the past. And, crucially, organisations can clearly visualise their data, benchmark performance and demonstrate compliance to regulators. This in turn allows them to reduce costs, return their focus to their core business, and contribute to making the industry safer.”
Speaking about the company’s development, Paul Ford, CEO and Founder of Acin, stated:
“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.”
Acin was advised by Zelig, an independent investment bank providing M&A and fundraising advice to entrepreneurs, corporates, and investors operating in the FinTech sector globally.