OpenFin takes $15m from Wall Street firms

New York-based startup OpenFin has landed $15m in its Series B round from a host of Wall Street firms and their venture arms for its financial desktop applications operating layer.

The investment included participation from Bain Capital Ventures, DRW Venture Capital, JP Morgan, NEX Group’s fintech investment business Euclid Opportunities, Nyca Partners, Pivot Investment Partners as well as angel investors.

OpenFin’s open technology stack is designed to allow banks and trading platforms to deploy desktop applications both in-house and to their buy-side and sell-side clients.

OpenFin’s CEO and co-foudner Mazy Dar said: “‘Move fast and break things’ became the mantra of Silicon Valley years ago and created a mindset that has accelerated an extremely profitable consumer software boom – and now we’re bringing it to Wall Street,”

“Our mantra at OpenFin is: ‘Move fast. Break nothing.’ Our operating environment brings the same rapid innovation cycle to change-resistant capital markets without sacrificing the security and stability of these mission-critical systems.”

The company claims its technology powers applications licensed across more than 100,000 desktops including 35 of the world’s largest banks and trading platforms.

JP Morgan’s chief administrative officer Sanoke Viswanathan highlighted the company’s commitment to open sourced technology as a key factor.

He said: “Some of the most successful tech companies are combining proprietary technology aimed at fueling business growth with an open source, shared technology framework that gets better with contributions from the broader community.”

Combined with the company’s Series A and seed rounds, OpenFin has now raised more than $22m in funding.

Copyright © 2017 FINTECH GLOBAL

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