New York-based OpenFin, a provider of HTML5 runtime technology for the financial industry, today announced the raising of $15 million in Series B funding round. The firm has amassed an impressive investors roster including Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, NEX’s Euclid Opportunities, Nyca Partners, Pivot Investment Partners, and other financial industry executives who participated in previous rounds.
The Series B funding round will be used to further develop OpenFin’s ‘container’ technology, which enables HTML5 desktop applications to run seamlessly outside of web browsers. Built on Google Chromium, OpenFin’s HTML5 engine helps financial institutions create and upgrade trading applications whilst presents the ability to simplify application rollouts between platform providers and end-user firms.
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Set up in 2010, OpenFin has grown to serve the world’s largest banks and trading platforms including BNP Paribas, Citigroup, HSBC, ICAP, JP Morgan and RBS, which now use OpenFin to deploy applications both in-house and to over 250 buy-side and over 40 sell-side customers.
Sanoke Viswanathan, Chief Administrative Officer at J.P. Morgan Corporate & Investment Bank, commented: “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, CEO of DRW, added: “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 at Euclid Opportunities, said: “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.”