UK-based fintech startup Acin has secured around $12 million in a fresh funding round for product development and help the startup expand its business, media reports said.
The funding round for Acin was led by SaaS investor Notion Capital.
New and existing investors that also participated in the funding round include former president and chief executive of SunGard-Cris Conde, Christopher Carter, chairman of Artorius Wealth Management and former Vice Chairman – Institutional Securities at Morgan Stanley as well as Carlos Gonzales-Cadenas who serves as the COO at GoCardless.
In this context, Paul Ford, chief executive and Founder of Acin told the media, “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.
“Notion is the perfect partner for Acin, as they share our belief in the market opportunity and in the value of our solution. They have a wealth of experience and connections, and we’re extremely excited about working with them to realise our potential. To have Fitch invest in Acin is a testament to the importance of the opportunity we are addressing and a commitment to seeing it through – we are delighted to have their backing.”
UK fintech funding has dropped by 39 percent in the first half of the year compared to the same period last year. Innovate Finance in its report said that the reduction at seed level points to the fact that there is a lack of capital deployed to early-stage startups during the pandemic.