OpenFin Expands After Funding Round
Adam Toms, chief executive of OpenFin Europe, said the latest funding round is being used to introduce new product features for the desktop operating system, to expand geographically and for hiring.
OpenFin’s operating system is similar to the Android or iOS operating platform for mobile phones but was launched to provide standardisation across capital markets desktops so the industry can deploy new applications more quickly and they are interoperable. OpenFin is on 200,000 desktops across more than 1,500 unique firms, including the largest investment banks, asset managers and many vendor platforms.
Toms told Markets Media that the $17m (€15.2m) raised in a Series C funding round in May is being used to introduce new product features, including Cloud Services, so that clients can provide their own private app stores for employees and customers out of the box.
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Brett Tejpaul, head of digital and client strategy at Barclays Investment Bank, said in a statement: “Agility and interoperability are core pillars of our digital strategy because time is a precious resource, especially in a banking environment. 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.”
The latest funding round was led by Wells Fargo, with participation from Barclays and existing investors including Bain Capital Ventures, J.P. Morgan and Pivot Investment Partners. The latest round brings OpenFin’s total amount of venture funding to $40m.
Toms continued: “We will expand geographically in Asia and into adjacent sectors such as wealth management and insurance. We have also been hiring aggressively.”
Last month OpenFin entered a partnership with Axioma, which provides technology, including portfolio risk management, to asset managers.
Toms added: “It is a significant milestone for OpenFin to partner with Axioma. They are forward thinking in aiming to transform the user experience and are focussed on making workflows seamless and interoperable.”
.@AxiomaInc will deploy its portfolio risk management dashboard application on #OpenFin as the 1st phase of our partnership. The result is a combined technology stack that provides front and back-end optimization, app deployment and collaborative workflows-https://t.co/kKuOIPHjzB pic.twitter.com/d3I9CRX4n1
— OpenFin (@openfintech) August 2, 2019
OpenFin was originally used by the sell side in capital markets but has since expanded to other areas including the buy side and compliance. Toms said Axioma is a global leader in risk analytics technology and is used by asset managers in the front, middle and back office as well as by fund administrators
“The customizable user experience, along with the speed and seamlessness of app deployment through OpenFin, is something portfolio managers have never experienced before,” added Toms.
The first product on OpenFin will be Axioma’s dashboard application, which allows OpenFin users to easily integrate their workflows, access data and connect to new applications.
Fabien Couderc, chief strategy officer at Axioma, said in a statement: “Now with OpenFin’s ecosystem providing a wide range of potential partnerships for integration with axiomaBlue, we will be able to leverage OpenFin’s technology to provide interactions between our own software services and enable consistency across our entire portfolio management interface.”
Axioma will use OpenFin for two further product phases for portfolio managers next year.
In April this year Axioma was acquired by Deutsche Börse for $850m. The German exchange group is combining Axioma with its index businesses to form a new company.
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