OpenFin closes Series C on $17m to support product innovations

OpenFin, which gives financial institutions digital operating systems, has bagged $17m through its Series C round.

Capital to the round was led by Wells Fargo and assisted by Barclays. A handful of previous OpenFin backers also made renewed contributions into the company including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners.

Following the round close, the company has raised a total of $40m in funding, with its former round netting $15m back in early 2017. Some of the investors of the Series B were Bain Capital Ventures, DRW Venture Capital, JP Morgan, Euclid Opportunities, Nyca Partners, and Pivot Investment Partners, as well as unnamed angels.

With the proceeds of the series, OpenFin is looking grow the presence its financial desktops software and increase the product innovation. Developments will include tools which let banks, asset managers, wealth managers and hedge funds instantly give their own private app stores for employees and customers.

OpenFin empowers financial services to build new applications on new technology, while enabling secure integration with legacy systems.

Barclays Investment Bank head of digital and client strategy Brett Tejpaul said, “Agility and interoperability are core pillars of our digital strategy because time is a precious resource, especially in a banking environment. OpenFin accelerates our innovation cycle and allows us to create better workflows, enabling our colleagues and clients to make more productive use of their time.

“We are pleased to support the company which is a leader in the industry with its open source model and its commitment to industry collaboration.”

Earlier in the year, the FinTech established a partnership with FlexTrade to offer buy-side traders an improved workflow. The new deal lets clients of FlexTrade to integrate third-party vendor applications which are used on the OpenFin operating system, giving them improved services for daily operations.

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