OpenYield, a cutting-edge bond marketplace, has announced the successful closure of a new funding round aimed at revolutionising the fixed income market. The company operates the OpenYield ATS, a marketplace registered with FINRA and the SEC.
The funding round raised $7m, with participation led by Canapi Ventures. Other investors included Clocktower Ventures and Flow Traders, supplementing earlier backing from Fin Capital and TD Bank.
OpenYield provides a platform designed to bring an equity-like trading experience to the bond market, offering instant liquidity for corporate bonds, munis, and Treasurys. Since its launch in March 2024, the marketplace has attracted over 20 institutional subscribers, including prominent names like FMSBonds, Belle Haven Investments, and Maritime Capital. The platform showcases offers for tens of thousands of bonds, with more being added regularly.
Jon Birnbaum, founder and CEO of OpenYield, expressed his gratitude to the investors, saying, “We are thankful to all participants involved in our capital raise. This funding will propel us in our mission to transform how brokerages, advisors and asset managers access the bond market.”
Jeffrey Reitman, general partner at Canapi Ventures, commented on the potential of the platform, stating, “We are thrilled to support OpenYield on its journey to transform the bond markets. By revolutionizing outdated bond trading technology with a combination of automated liquidity, easy integration, favorable economics and familiar market structures that serve all participants, OpenYield is fundamentally reshaping how the market engages with this asset class. Wealth management is a major priority for most banks today and it’s only a matter of time until OpenYield enables them to efficiently trade in and out of fixed income securities on behalf of retail customer accounts. We are proud to back a team that is driving such meaningful change.”
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