Ohpen raises $31 million in Series C investment round, plans expansion into third geography

Core banking vendor Ohpen has closed a €25 million ($31 million) Series C investment round, led by private equity firm Amerbough. The round brings the total investment in Ohpen over the past six months to €40 million ($49 million).

Ohpen plans to use the funds to support its expansion into an as-yet unchosen third country. The firm is looking at a shortlist which includes Germany, France, Canada, Australia and the United States.

The vendor plans to announce its choice by Q2 2018. CEO and founder Chris Zadeh told IBSI back in 2015 that it had been looking at Germany, France and Spain.

Related: Ohpen makes headway in Europe

“We’re just scratching the surface,” Zadeh said in the funding announcement. “Ohpen is changing the core banking software industry, advocating a totally digital solution that is based on one version of the platform for all clients and countries. This has never been done before: it requires creativity, commitment and also the necessary capital to implement our vision.”

According to Ohpen, its revenue and staff numbers were doubled in 2017. The firm also signed marquee deals with both Dutch retail banks De Volksbank and Aegon Bank.

Ohpen gained its first-ever live site in 2013, Robeco, an international asset manager with €176 billion ($219 billion) under management.

Arjen Jongma, senior vice-president, manager of IT change, at Robeco, told IBSI at the time that it had a 25 year-old, in-house developed Cobol-based back office system and an old version, much customised, of Siebel for CRM. These factors were major players in its decision to go for Ohpen.

The vendor was founded back in 2009, with around 60 members of staff, most of whom originated from Dutch broker BinckBank

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