Venture Capital News: OpenFin Scores $15M Series B Funding
NEW YORK, NY, OpenFin, the first common operating layer for financial desktop applications, today announced $15 million in Series B funding from some of the world's leading fintech investors.
Participants in this round include Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, NEX Group's fintech investment business Euclid Opportunities, Nyca Partners, Pivot Investment Partners and an elite group of angels and financial industry executives who also participated in previous rounds.
Wall Street is powered by thousands of desktop applications that provide real-time market data, news, research, collaboration services and direct trading capabilities for millions of daily financial transactions worth trillions of dollars. OpenFin uses a modern, open technology stack to create a common operating layer for these applications, enabling rapid development and deployment, while simultaneously improving security.
''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,' said Mazy Dar, CEO and co-founder of OpenFin. '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.'
OpenFin technology powers applications licensed across over 100,000 desktops, including applications from 35 of the world's largest banks and trading platforms. These customers are using OpenFin to redesign and unify their front-end experience for traders and other end users at banks and hedge funds. Applications running on OpenFin also benefit from an improved time-to-market, dropping application deployment and update time from 6-18 months to 'instant'.
Sanoke Viswanathan, Chief Administrative Officer at J.P. Morgan Corporate & Investment Bank: 'One critical component of OpenFin's success is their deep commitment to open source technology. 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.'
Don Wilson, Chief Executive Officer at DRW: 'Trillions of dollars pass through thousands of disparate desktop applications every day, creating a significant market opportunity to unify the operating platform, improve deployment speed, and infuse greater efficiency and security.'
Michael McFadgen, Managing Director, Euclid Opportunities: 'We are currently in the process of bringing a number of our NEX Optimisation services onto the OpenFin platform. The ability to provide a cohesive and unified user experience is extremely powerful, and it makes our services more nimble allowing us to stay in front of innovations in any market. OpenFin has the ability to bring that kind of unification to the entire financial industry.'
The technology underpinning OpenFin is Google's Chromium engine which runs on Windows, Mac and Linux and provides a highly secure, sandboxed environment. Combined with their Series A and seed rounds of investments, OpenFin has raised a total of $22 million in venture funding.
Move fast. Break nothing. OpenFin is the financial industry's first common operating layer, enabling rapid and secure deployment, native experience and desktop interoperability. The world's largest banks and trading platforms use OpenFin to deploy desktop applications both in-house, and to their buy-side and sell-side customers. OpenFin investors include Bain Capital Ventures, DRW Venture Capital, Euclid Opportunities, J.P. Morgan, Nyca Partners and Pivot Investment Partners among others. The company is based in New York with offices in London.
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