OpenFin Raises $17 Million in Latest Funding Round

Barclays and Wells Fargo led the mix of financial institutions putting money into the technology company

Financial technology company OpenFin announced on Thursday that it has secured $17 million in investment from several major banks.

The series C funding round was led by Barclays and Wells Fargo. The two banks investment most of the cash but prior investors, including JP Morgan and Bain Capital Ventures, also put money into the technology firm.

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“OpenFin accelerates our innovation cycle and allows us to create better workflows, enabling our colleagues and clients to make more productive use of their time,” said Brett Tejpaul, head of digital and client strategy at Barclays Investment Bank.

“We are pleased to support the company which is a leader in the industry with its open source model and its commitment to industry collaboration.”

The Android of banking

OpenFin will be familiar to many in the financial services industry. The technology company provides almost 2,000 financial institutions with its OpenFin OS operating system.

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Users of that system can download applications and build their own. These can then be introduced swiftly and integrated into existing legacy systems.

The company has positioned itself as being akin to Android or Apple, providing the backbone of a system that is easy to use and which can be built upon by other people.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Mazy Dar, CEO and co-founder of OpenFin.

“OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

 

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