Barclays and Wells Fargo lead $17 million funding round in OpenFin

Barclays and Wells Fargo lead $17 million funding round in OpenFin

OpenFin has won $17 million in funding from a clutch of top banks and VCs as it bids to build a new 'operating system of finance'.

The financing was led by Barclays and Wells Fargo and topped up with contributions from existing investors JPMorgan Chase, Bain Capital Ventures and Pivot Investment Partners.

Founded in 2010 by former ICE executive Mazy Dar and Chuck Doerr, OpenFin provides a foundation for banks to more easily upgrade desktop applications across front and back office functions. The company says it currently supplys more than 1000 desktop applications to more than 1500 buy-side and sell-side firms.

Proceeds from the financing will be used to fund further product innovation, including OpenFin’s new Cloud Services offering, which enables banks, asset managers, wealth managers and hedge funds to provide their own private app stores for employees and customers out of the box.

“Apple and Google’s mobile operating systems and app stores have enabled more than a million apps that have fundamentally changed how we live,” says CEO Dar. “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 Series C round brings OpenFin’s total amount of venture funding to $40 million.

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