May 16, 2019
OpenFin Inc. has raised $17 million in Series C funding from major financial institutions, led by Wells Fargo & Co., to expand the use of its operating system software for banks.
According to a press release, the software allows financial services firms to overlay the OpenFin OS software over legacy desktop systems and have app-based web interfaces interconnect with the legacy systems.
The funding round was backed by Barclays and several existing investors, including Bain Capital Ventures, JP Morgan Chase and Pivot Investment Partners.
The company said the new funding round, which brings total funding to date to $40 million, will be used to make its OpenFin OS ubiquitous on financial desktops and to expand innovation.
Part of this new product expansion will include the OpenFin Cloud Services offering, which allows banks, asset managers, wealth managers and hedge funds to roll out private app stores for employees and customers, straight out of the box.
"Apple and Google's mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live," OpenFin co-founder and CEO Mazy Dar said in the release. "OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services."
Topics: Mobile Apps, Mobile Banking, Mobile Payments, Software, Technology Providers
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