Global operational risk control data network Acin has closed US$24 million in Series B funding from a strategic consortium of 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.

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

The results, the company says, revolutionize the understanding and management of firms' operational and non-financial risk positions accelerating their journey to become safer and more efficient. Minimizing operational risk capital is a shared industry ambition and the solution is a key building block.