Financial technology startup OpenFin Inc. has raised $15 million in a round led by J.P. Morgan, Euclid Opportunities and Bain Capital.
Founded in 2010, OpenFin describes its technology as the “Android for capital markets.” It offers a common operating layer for the financial industry, promising to enable rapid and secure deployment of apps that support a native experience and desktop interoperability.
The company’s platform is used by the world’s largest banks and trading platforms to deploy desktop applications. It’s licensed across more than 100,000 desktop computers via Google’s Chromium open-source web browsing engine by clients that include J.P. Morgan, Citadel, Electronifie, REDI, Trumid, Greenkey, ICAP, OpenDoor, embonds and Tullett Prebon.
OpenFin Chief Executive Officer Mazy Dar told TechCrunch that the platform does three main things: “It’s the conduit that gets the app onto the [system], it provides security, and is the unifying layer to allow apps to talk to each other.”
The company’s selling point comes down to its ability to deliver financial apps more quickly using open-source code than traditional deployment paths that can involve taking from six to 18 months to update. “In an industry where ‘time is money,’ the fact that it takes nearly a year to get the latest tools into trader hands is insane,” an unnamed OpenFin spokesman told VentureBeat. “Imagine if Facebook could only update their mobile apps once a year.”
Including the new round, OpenFin has raised $25 million to date. The company said it would use the Series B funding, which also included DRW Venture Capital, Nyca Partners, Pivot Investment Partners and a number of individual investors, to expand headcount, improve customer service and add more features to its platform.