JP Morgan, Citi, BNP Paribas, Barclays and Lloyds invest in RiskTech Acin

By Gloria Methri

Acin, the global operational risk control data network has closed $24 million in Series B funding from a consortium of industry-leading banks, comprised of JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group. Existing investors including Notion Capital, Talis Capital, and Fitch Ventures also supported the funding.

The funds raised will enable Acin’s strategic product development in partnership with investing banks and existing clients. It will also enable the company to expand and accelerate into new areas across the financial services industry.

Acin’s platform empowers financial institutions to digitise their operational and non-financial risk analysis, using data analytic capabilities. The firm has established a network that calibrates data and facilitates the sharing of best practice between firms, underpinned by a standardised library of risks and controls.

Paul Ford, CEO and Founder of Acin, said, “This investment demonstrates that the market shares our vision of transforming risk management with data across the entire financial sector. This strategic consortium is a testament to the shared vision of banks and a strong signal that there is a shared commitment to addressing operational risk from leaders within the industry.”

Julian Liau, Chief Controls Manager, J.P. Morgan said, “We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices. We are delighted to invest in Acin to support their network to grow through effective industry collaboration.”

“We look forward to our continued partnership with Acin, following our strategic investment in Acin’s Series B round. We are thrilled to be supporting them on the next step of their journey to standardise non-financial risks and controls across the financial services industry,” said Darren Jarvis, ICG Chief Administrative Officer, Citi.

Arnaud de Tregomain, COO & Head of Business Development, Global Markets, BNP Paribas added, “We are committed to effective operational risk management and controls and recognise the importance of developing industrial solutions in this space. Acin is an innovator in this field, and we are glad to invest in the potential of their technology, so we can remain at the forefront of change.”

Ryan Hayward, Head of Strategic Investment, Europe & Asia, Barclays commented, “A data-driven approach to operational risk could be transformative in driving consistency across different areas of risk. Acin’s product offering enables businesses to take a more holistic and objective view of exposure relative to the market, which supports the industry in increasing safety in global financial markets.”

“Our investment in Acin, a leader in risk and control management, demonstrates our commitment through our new Fintech investment team to invest in companies that will enhance the Group’s data and technology capabilities. Working together, we will be able to use the Acin platform to benchmark our control frameworks and deliver greater data-led risk management across the Group,” said Kirsty Rutter, Fintech Investment Director, Lloyds Banking Group.