Fintech company OpenFin announced on Thursday it has secured $15 million during its Series B funding round, which was led by J.P. Morgan, Euclid Opportunities, and Bain Capital Ventures.
OpenFin describes itself as a financial industry common operating layer. The company enables rapid and secure deployment, native experience and desktop interoperability. It also deploys desktop applications both in-house and to their buy-side and sell-side customers. The company also reported that its powers applications have licensed more than 100,000 desktops, including applications from 35 of the world’s largest banks and trading platforms. Mazy Dar, CEO and co-founder of OpenFin, stated:
“‘Move fast and break things’ became the mantra of Silicon Valley years ago and created a mindset that has accelerated an extremely profitable consumer software boom – and now we’re bringing it to Wall Street. Our mantra at OpenFin is: ‘Move fast. Break nothing.’ Our operating environment brings the same rapid innovation cycle to change-resistant capital markets without sacrificing the security and stability of these mission-critical systems.”
Speaking about the investment, Sanoke Viswanathan, Chief Administrative Officer at J.P. Morgan Corporate & Investment Bank, noted:
“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.”
Michael McFadgen, Managing Director of Euclid Opportunities, added:
“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.”