OpenFin, a New York-based HTML5 runtime technology for the financial industry provider, has clinched USD 17 million in Series C funding round to make its operating system (OS) ubiquitous on financial desktops in addition to fund further product innovation. OpenFin received this fresh capital from major banks and leading Fintech investors, including Wells Fargo, with Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. With this funding round, the company’s total venture funding has reached to USD40 million.
The raised funds, which was led by Wells Fargo, will be further utilized for product innovation, includes OpenFin’s new Cloud Services offering, which empowers banks, asset managers, wealth managers and hedge funds to offer their own private app stores for employees and customers out of the box. According to the reports, the global spending over the financial industry by the financial organizations is rapidly increasing in order to address the digital transformation of thousands of traditional desktop applications used for client service centers, front office, operations, risk, and compliance. In this regard, OpenFin’s desktop operating system allows financial services firms to create new applications with optimized web technology while letting seamless and secure integration with traditional applications. With this effort, the firms will have access to modernize and integrate the end-user desktop experience while pulling out the greatest possible value from their existing technology investments.
OpenFin CEO and Co-Founder Mazy Dar said that “Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live.” According to him, “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”