Mazy Dar, CEO and Co-Founder of OpenFin

US-based operating system of finance, OpenFin, has raised $17 million in a Series C funding round led by Wells Fargo along with participation from Barclays and existing investors such as J.P. Morgan, Bain Capital Ventures and Pivot Investment Partners. This round brings the total funds raised to $40 million.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” said Mazy Dar, CEO and Co-Founder of OpenFin. “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”

The funds will be utilized for expanding the OS’ reach across financial desktops and propel product innovation. The products include OpenFin’s new Cloud Services offering which allows banks, asset managers, wealth managers and hedge funds for setting up their private app stores for employees and customers.

“We have been following OpenFin’s progress and are impressed by the company’s success in gaining wide adoption in capital markets. OpenFin is leading a key effort in providing the financial industry with a modern and unifying foundation for development and secure distribution of financial applications,” said Basil Darwish, Managing Director, Strategic Investments at Wells Fargo Securities. “We are delighted to lead OpenFin’s Series C funding round and excited to support the next phase of their development.”

According to the supplier, OpenFin’s OS allows financial services firms to create new applications and simultaneously securing and simplifying integration with legacy applications. This facilitates modernization and unification of end-user desktop experience.

Established in 2010, OpenFin is a financial industry’s operating system which aims to enable secure deployment and desktop interoperability. It deploys around 1000 desktop applications to 1500 buy side-sell side firms. OpenFin investors include Bain Capital Ventures, DRW Venture Capital, NEX Euclid Opportunities, J.P. Morgan, NYCA Partners, and Pivot Investment Partners among others.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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