RCS - Acin Limited - JPM, CITI, BNPP, BARC, LLOY invest Acin data tech

Lloyds BankingAnnouncement

15/12/2022 09:45

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RNS Number : 7376J  Acin Limited  15 December 2022

JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group make new
strategic investment in operational risk management firm Acin

 

15 December 2022, London

 

Acin, the global operational risk control data network, today announced it has
closed $24 million in Series B funding from a strategic consortium of
industry-leading banks, comprised of JP Morgan, Citi, BNP Paribas, Barclays,
and Lloyds Banking Group.

The funding round was also supported by existing investors Notion Capital,
Talis Capital and Fitch Ventures, the equity investment arm of Fitch Group.

This funding will enable further strategic product development in partnership
with investing banks and existing clients. Additionally, it will enable Acin
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 ground breaking data analytic
capabilities. Acin 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. The results revolutionise the
understanding and management of firms' operational and non-financial risk
positions accelerating their journey to become safer and more efficient.
Minimising operational risk capital is a shared industry ambition and Acin's
solution is a key building block.

Paul Ford, CEO and Founder of Acin, commented: "Acin was conceived to make
the industry safer, by enabling risk control content to be transformed into
data and shared collaboratively, through anonymised benchmarking and sharing
of best practice. 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.

Acin was advised by Zelig, an independent investment bank specialising in the
fintech sector and supported by the international law firm Withers, through
its specialist venture capital and technology team, Withers tech, which
advises founders, companies, and investors across its offices in Europe, the
US and APAC.

Quotes from some of the investors

"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." Julian Liau, Chief Controls
Manager, J.P. Morgan

 "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." Darren Jarvis, ICG
Chief Administrative Officer, Citi

"BNP Paribas is committed to effective operational risk management and
controls, and recognises 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." Arnaud de Tregomain, COO & Head of Business Development, Global
Markets, BNP Paribas

"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." Ryan Hayward, Head of Strategic Investment, Europe &
Asia, Barclays

"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."
Kirsty Rutter, Fintech Investment Director, Lloyds Banking Group

Notes to Editors

About Acin

Founded in 2018, the Acin platform is the defining global operational risk
network for connecting and quantifying data from the world's largest financial
institutions.

 

Acin's data analytic capabilities reveal gaps, duplication, and granular areas
of weakness, enabling faster remediation at lower costs for completeness and
optimised operations. This insight gives member firms exponentially deeper
insights across their risk management landscape and against peer best
practices.

 

Acin is making the financial services sector safer, delivering prioritisation
and acceleration of value to transformation and simplification programmes,
plus ongoing dynamic risk management value across all three lines of defence,
enabling significant operational cost savings. Combined with substantial
contributions to loss/penalty avoidance and the ability to evidence industry
comparison and progress towards stated goals, reinvigorated discussions are
now possible at both board and regulator level around residual risk and
capital allocation.

 

Acin has achieved global industry recognition, including Risk.net's OpRisk
Innovation of the Year 2022 (second year in a row), Best ESG Risk Data
Provider 2022, FS Tech Awards Risk Management Software of the Year 2021, and
was named one of the most innovative regtech companies in 2019 and 2020. 

Visit www.acin.com (https://www.acin.com/) to learn more.

 

Media Contacts:

Allan Edwards, The Agency Partnership, acin@theagencypartnership.com, +44
7956583080

Mark Bishop, Acin, mark.bishop@acin.com, +44 7470322651

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