Data management startup Acin has raised $12 million in Series A funding led by Norton CVapital with support from Fitch Ventures.
Other new and existing investors include Cris Conde, former Morgan Stanley man Christopher Carter, and ex-GoCardless exec Carlos Gonzales-Cadenas.
The firm currently counts 14 Tier 1 banks as clients, using its network to quantify their operational and non-financial risk and controls through a standardised, industry-wide inventory. The net result promises significant balance sheet benefits by reducing the operational risk capital that they are required to hold in the future
Acin says it will use the funding to enhance its cloud-based Terminal with additional inventories of risks and controls, software extensions and integrated benchmarking.
Paul Ford, CEO and founder of Acin, comments: “The need to digitise operational and non-financial risks is now more important than ever for the financial services sector. 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."