Fintech Startup OpenFin Raises $17 Million

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OpenFin, who’s operating system powers financial desktop applications, announced it has raised $17 million in Series C funding.

The funding comes from several major financial institutions, including Wells Fargo, which led the round, and Barclays, Bain Capital Ventures, Pivot Investment partners and J. P. Morgan. The Series C round brings OpenFin’s total finding amount to $40 million.

OpenFin’s finance operating system helps the financial services industry solve the problem of getting legacy desktop applications used for client service centers, front office, risk assessment and other crucial functions ready for the future. OpenFin’s desktop OS enables financial services firms to build new apps with current web technology while enabling seamless and secure integration with older apps. This allows financial firms to modernize and unify end-user tech without investing in new tech.

Already, major tech firms have been adopting OpenFin’s technology in their systems. It’s customers include most major banks, top asset management firms, with 1,500 banks and other institutions placing the OS across 200,000 desktops in more than 60 countries.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said OpenFin CEO and Co-Founder Mazy Dar, in a statement. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming  how we work in financial services.”

“We have been following OpenFin’s progress and are impressed by the company’s success in gaining wide adoption in capital markets,” adds Basil Darwish, Managing Director, Strategic Investments at Wells Fargo Securities. “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. We are delighted to lead OpenFin’s Series C funding round and excited to support the next phase of their development.”

OpenFin plans to use the new funding to expand adoption of the OS to more systems and expand further product development, including the company’s new Cloud Services offering. That will enable banks, asset managers, wealth managers and hedge funds to provide their own private app stores for employees and customers.

Video credit: OpenFin/You Tube