OpenFin Attracts Further Funding
Posted by Colin Lambert. Last updated: May 24, 2023
Operating system OpenFin has secured $35 million in Series D investment in a funding round led by Bank of America with significant participation from Pivot Investment Partners and ING Ventures.
Additional investors in the round include CME Ventures, CTC Venture Capital, SC Ventures and Tribeca Early Stage Partners, the firm says, adding the investment will be used to help accelerate the adoption of OpenFin OS across the financial industry and beyond. The company says its software is now used at more than 3,800 banks, wealth, and asset management firms in 60+ countries.
The firm cites multiple recent surveys from Forbes Technology Council, Harvard Business Review and others, which finds end users experience anywhere from two to four hours of lost productivity each day, often referred to as the “toggle tax”. The wasted time stems from employees using anywhere from seven to 35 apps a day, toggling between those apps thousands of times a day, and individually searching apps an hour a day. This translates to a cost of millions or tens of millions of dollars a year in lost productivity depending on the size of an organisation, OpenFin says.
“OpenFin provides the financial industry with a truly open workspace platform that is unrivalled when it comes to app distribution, security, interoperability, scale and governance,” says Dinkar Jetley, co-founder and managing partner at Pivot Investment Partners. “We have backed OpenFin’s vision since 2015 and are delighted to support the company as they expand across the financial sector and beyond.”
Mazy Dar, CEO of OpenFin, adds, “This is a significant milestone in OpenFin’s mission to enable openness, app interoperability and end user productivity across the financial industry. OpenFin Workspace is empowering financial institutions to transform experience for their employees and their customers, replacing traditional browsers with an enterprise browser designed for work. We’re delighted to welcome Bank of America as our newest strategic investor and we’re grateful for the continued support from Pivot Investment Partners and so many other existing investors.”
Other major OpenFin investors include Bain Capital Ventures, Barclays, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners and Wells Fargo Strategic Capital.