Five Banks Including JPMorgan, Citi Invest In Risk Management Provider

by Vandana Singh, Benzinga Editor

December 15, 2022 7:32 AM | 1 min read | Make a Comment

JPMorgan Chase & Co JPM, Citigroup Inc C, BNP Paribas BNPQF BNPQY, Barclays Plc BCS and Lloyds Banking Group PLC LYG have backed an overall $24 million fundraising for Acin, risk control specialist.
The investment will help Acin accelerate its strategic product development.
"We have been working with Acin for the past three years, during which they have supported our established operational risk management and assessment practices," said Julian Liau, Chief Controls Manager at JPMorgan, in a Reuters report.
Acin helps financial institutions digitize their operational and non-financial risk analysis using its data analytic capabilities.
The company was founded in 2017. It raised $12 million in 2020 in a round led by Notion Capital with participation from Fitch Ventures and other individual investors.