Financial SaaS firm OpenGamma closes $21m funding round to ramp up growth
Financial software-as-a-service firm OpenGamma has closed a $21m funding round as it readies to ramp up growth plans.
The London-headquartered firm, which works with asset managers and hedge funds to increase investment efficiency, said it has earmarked the funding to pump into solving the hangover issues of outdated tech in investment portfolios.
Peter Rippon, CEO of OpenGamma said: “Inefficiencies in legacy processes are quietly increasing the cost of doing business for all asset managers, at a time when every dollar counts.”
Opengamma is now rolling out an automated workflow solution for asset managers which it says will allow institutional investors deal with regulatory changes facing the financial sector.
The round was led by Allianz X, the €1 billion digital investments arm of the Allianz Group, and comes after the firm has already raised $70m funding from venture capital firms in previous rounds.
OpenGamma’s solutions are a small revolution for many investors and asset managers,” said Kevin Harder, Manager at Allianz X.
“Thanks to OpenGamma, collateral management is no longer a back-office issue but instead becomes an active performance driver.”