Finance operating system developer OpenFin has convinced HSBC to join its Series C financing round, bringing the total amount raised in this round to $22m.
With this new cash injection, the total funding raised to date by OpenFin has risen to $45m.
Having filled its war chest, OpenFin will now focus on expanding its product offering into Asian markets and to fund new product initiatives.
HSBC was already one of the 1,500 banks and buy-side firms across the world using OpenFin’s web-based operating system.
The investment was made by HSBC’s Strategic Innovation Investments team, a corporate venture capital unit taking minority holdings in early-stage technology companies with a strategic relevance to HSBC. The team has made over 20 investments since their inception in 2014.
As OpenFin’s latest strategic partner, HSBC now aims to leverage OpenFin more broadly across its company even more.
“Desktop container technology is an important component of our digital transformation strategy across the bank,” said Niall Cameron, head of corporate and institutional digital at HSBC. “OpenFin has demonstrated that it is a leader in this space and HSBC is looking forward to working together on shared application infrastructure for the financial industry.”
Commenting on the deal, Mazy Dar, CEO of OpenFin, said, “We are delighted that HSBC has chosen to back OpenFin. Global banks such as HSBC are at the core of the financial industry’s app ecosystem. Their dual role as an innovative developer of proprietary apps and as a major consumer of third-party apps makes them an important partner as we work to transform the financial industry’s app infrastructure.”
Copyright © 2019 FinTech Global