OpenYield announced additional funding of $7 million last week. The capital infusion will be used to further its ambition to provide an equity-like trading platform for bonds as it seeks to modernize the market.
OpenYield operates an Alternative Trading System (ATS), a regulated marketplace that matches buyers and sellers of securities. It is also a broker-dealer.
OpenYield reports that it has onboarded over 20 institutional users since its launch in 2024 and its digital marketplace lists tens of throughs of bonds covering the spectrum of these debt assets.
Jon Birnbaum, Founder & CEO of OpenYield, said the funding will “propel us in our mission to transform how brokerages, advisors and asset managers access the bond market.”
Birnbaum explained that markets evolve toward connectivity, efficiency, and cost reduction.
“The reward for investors is not only transparency and cost reduction, but access to superior financial products. These benefits are taken for granted in the equities market, which underwent similar changes two decades ago…”
OpenYield aims to provide real-time liquidity for the $100 trillion fixed-income asset class.
Jeffrey Reitman, General Partner at Canapi Ventures, an investor in the company, said it is only a matter of time until OpenYield enables banks to trade in and out of fixed-income securities on behalf of retail customer accounts.
OpenYield does not require any minimums to trade bonds.
