Venture Capital News: OpenFin Raises $3M in Funding
NEW YORK, NY, Leading provider of HTML5 runtime technology for the financial industry, today announced it has raised $3.0 million in additional financing.
OpenFin, the leading provider of HTML5 runtime technology for the financial industry, today announced it has raised $3.0 million in additional financing. The round was co-led by Bain Capital Ventures, Pivot Investment Partners and Nyca Partners, with participation from 20 senior financial industry executives including Cris Conde, former CEO of SunGard and Tom Glocer, former CEO of Thomson Reuters. The funds will be used for product development and engineering team expansion in both New York and London.
'Eleven of the world's largest banks and trading platforms are already using OpenFin to run high-performance, multi-window HTML5 applications on sell-side and buy-side desktops,' said Mazy Dar, Chief Executive Officer of OpenFin. 'We are thrilled to have the support of so many financial industry leaders and entrepreneurs as we scale to meet our customers' needs.'
OpenFin's technology is aimed at the institutional finance space which has strict requirements around security and performance with an annual IT spend of over $40 billion. 'Technology advances in the consumer space have been breath-taking but in the institutional world, bank desktops are still dominated by legacy software,' said Hans Morris, Managing Partner of Nyca Partners and former President of Visa. 'Banks clearly want to accelerate the development of financial applications, and OpenFin provides the technology to enable that to happen.'
'Financial institutions face the daunting challenge of reinventing themselves while reducing costs across their global infrastructures,' said Dinkar Jetley, co-founder of Pivot Investment Partners and former CEO of Worldwide Securities Services at J.P. Morgan Chase. 'Tailored for the financial industry, OpenFin enables significant cost take-out from in-house builds while paving the way for innovation.'
Based on the Google Chromium open-source project and hardened to meet bank security requirements, OpenFin's HTML5 runtime enables native, multi-window experience, seamless desktop integration with Java / .NET / C++ / Flex, and requires zero install. 'We make it easy to build desktop applications that are fast, beautiful, thin, secure and cross-platform,' said Chuck Doerr, President and COO of OpenFin.
OpenFin also announced the hiring of Jen Collet as COO Europe, Steve Greenblatt as VP of North American Sales, and the appointments of Paul Humphrey and Aron Miodwonik as strategic advisors. Collet was COO of Post Trade Risk at ICAP, a leading markets operator. Greenblatt was a founding member of Liquidnet, a global institutional trading network. Humphrey previously served as CEO of Electronic Broking at Tullett Prebon, a leading interdealer broker, and was Global Head of E-Commerce at ABN Amro. Miodownik previously held senior technology and operations roles at Merrill Lynch and UBS and is currently managing director at Cambrian Consulting. OpenFin anticipates continued hiring to meet growing demand as financial industry firms migrate to HTML5.
OpenFin is the leading provider of HTML5 runtime technology for the financial industry. The company's patent-pending software is based on Google's Chromium open-source project and purpose-built to meet the security and performance needs of the financial industry. Founded in 2010, OpenFin is backed by Bain Capital Ventures, Pivot Investment Partners, Nyca Partners and senior executives from the financial industry. The company is a graduate of the First Growth Venture Network, a New York based accelerator, and the FinTech Innovation Lab, an annual program run by the Partnership Fund for New York City and Accenture for early and growth stage companies that have developed cutting edge technology products targeted at financial services customers. For more information, please visit www.openfin.co. Contact: Mazy Dar (firstname.lastname@example.org)
About Bain Capital Ventures
Bain Capital Ventures is the venture arm of Bain Capital, which has approximately $70 billion of assets under management worldwide. The firm's history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception. Bain Capital Ventures manages approximately $2 billion of committed capital, has over 65 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm's history of backing successful IT and software companies includes Solarwinds, LinkedIn, Rapid7, Archer Technologies, Network Intelligence, AppAssure and Gartner. More information is available at www.baincapitalventures.com. Contact: Matt Harris
About Nyca Partners
Nyca Partners is a venture capital and advisory firm exclusively focused on applying innovation in financial services into the global financial system. Nyca has rich experience and deep connections in both finance and technology, which provides a unique perspective and facility to help entrepreneurs transform payments, credit models and financial infrastructure. For more information, visit www.nycapartners.com. Contact: Hans Morris
About Pivot Investment Partners
Pivot Investment Partners LLC is a team of CEO-level operating executives who have grown and transformed financial services businesses around the world. The firm works closely with a select set of high-potential financial services and FinTech companies, investing operating expertise and capital in their success and accelerated growth. More information is available at www.pivotinvestment.com.
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