RegTech firm Acin has raised $12 million in Series A funding to expand services aimed at digitising operational and non-financial risk in banking.

The funding was led by European SaaS investor Notion Capital and supported by Fitch Ventures, the investment arm of the US-based Fitch Group, a global leader in credit ratings and research.

Other new and existing investors include Cris Conde (former president & CEO of SunGard), Christopher Carter (Chairman of Artorius Wealth Management and former vice chairman at Morgan Stanley) and Carlos Gonzales-Cadenas (COO at GoCardless and ex SkyScanner CPO).

The company said the funding will enable it to rapidly accelerate its proposition, by continuing to enhance its cloud-based terminal with additional inventories of risks and controls, software extensions and integrated benchmarking.

In a statement the company said its technology provides financial institutions with a complete front-to-back-office solution to assess and manage their operational and non-financial risks. With applications beyond financial services, Acin is looking to expand its solution into further sectors over time.

Acin has collaborated with leading financial institutions to help them manage their operational and non-financial risk and controls through a standardised, industry-wide inventory, and a network that facilitates collaboration between its membership of 14 tier-one banks.

The system allows member organisations to fully digitise and quantify their operational and non-financial risks and enables them to manage these risks using data science, as well as comparing with, and learning from, peers.

The result is improved understanding and management of their operational and non-financial risk position.

Paul Ford, chief executive and founder of Acin, 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.

He added: “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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