Capital markets software firm OpenFin backed by Wells Fargo and Barclays in $17m funding round
Capital markets software provider OpenFin has raised $17m (£13.2m) after being backed by Wells Fargo, Barclays and JP Morgan.
OpenFin, the operating system (OS) for finance, provides banks, asset managers and hedge funds with financial desktop systems and access to their own app store.
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The fintech firm has now raised $40m following the latest funding round led by US banking giant Wells Fargo and Barclays.
Existing investors Bain Capital Ventures, Pivot Investment Partners and JP Morgan also contributed.
OpenFin said the funds will be used to make the operating system ubiquitous on financial desktops and to boost product innovation, including developing its new cloud services offering.
Chief executive and co-founder Mazy Dar said: “Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live.
“OpenFin OS and our new app store services enable that next generation of desktop apps that are transforming how we work in financial services.”
The company said the system’s customers include most major banks and leading asset management firms.
Its software runs more than 1,000 applications at more than 1,500 banks and buy-side firms in more than 60 countries.
“OpenFin is leading a key effort in providing the financial industry with a modern and unifying foundation for development and secure distribution of financial applications,” managing director of strategic investments at Wells Fargo Securities, Basil Darwish said.
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“We are delighted to lead OpenFin’s Series C funding round and excited to support the next phase of their development.”
“OpenFin is building roads, bridges and communications infrastructure for financial apps that will capital markets to innovate like Silicon Valley,” Bain Capital Ventures partner Matt Harris said.