Openlegacy secures investment from SBI Holdings

Banking API developer Openlegacy has received a $20m investment from Japan-based SBI Holdings.

Openlegacy develops API integration software which companies can use to improve their core banking systems. Companies across finance, insurance, agriculture, government, automotive, healthcare, retail, manufacturing and telecommunications use the technology to automate processes.

The Virginia-based startup enables companies to digitalise their offerings, connect with FinTech and blockchain platforms, improve customer experiences and accelerate the creation of digital services.

Prior to this round, Openlegacy closed a $30m investment in 2018 to help it cement its position in the market. The round was backed by Silverhorn Investment Advisors, CommerzVentures, C. Entrepreneurs, Leumi Partners, O.G. Tech Ventures and RDC.

There have been a handful of banking API developers to closed funding rounds this year. Earlier in the week, Griffin collected £3m in its seed round. The startup is using the capital to pursue its own UK banking licence.

This month also saw Teller close its seed round on $4m. The company, which builds banking APIs, hopes the capital will help it compete against Plaid.

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