Acin plans to use the fresh infusion to enter new fields across the financial services sector, among others. Credit: Acin.

Acin, an operational risk management company that serves the financial services market, has received an investment of $24m in its Series B round.

The funding has been provided by a strategic consortium of banks, including JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group.

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Acin’s existing investors Notion Capital, Talis Capital and Fitch Ventures also joined the round.

The firm plans to use the proceeds to develop new products in collaboration with investing banks and the current client base.

It will also enter new fields across the financial services sector, using the new investment.

Acin CEO and founder Paul Ford said: “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.

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“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’s platform has been designed to enable financial institutions to digitise their operational and non-financial risk analysis by using data analytic skills.

Acin has set up a network that calibrates data and offer other capabilities, supported by a standardised risks and controls tools.

J.P. Morgan chief controls manager Julian Liau 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.”

Last year, Acin announced that J.P. Morgan extended the use of its platform to include the bank’s global markets activities.