Acin, a risk management startup for financial institutions, has raised $24m in a Series B funding round, which was joined by five leading banks.

JP Morgan, Citi, BNP Paribas, Barclays, and Lloyds Banking Group have invested in the firm.

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

The London-based firm plans to use the funds for product development in partnership with banks who joined the round and existing clients.

In addition, the proceeds will be used to allow Acin to expand into new areas across the financial services industry.

Financial institutions can use Acin’s platform to digitise their operational and non-financial risk analysis, using data analytics.

Acin has created a network, supported by a standardised library of risks and controls, that calibrates data and encourages the sharing of best practices amongst businesses.

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.

“This investment demonstrates that the market shares our vision of transforming risk management with data across the entire financial sector.”

JP 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.

“We are delighted to invest in Acin to support their network to grow through effective industry collaboration.”