OpenFin, an operating system (OS) provider to the finance industry, has raised $17m in Series C funding round.
The latest OpenFin funding round was led by Wells Fargo. Barclays and its existing investors Bain Capital Ventures, JP Morgan and Pivot Investment Partners also participated in the round.
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Overall, OpenFin has now raised $40m in venture funding.
OpenFin funding round: details
The company plans to use the investment to fund product innovation and further sales growth. The plan includes supporting its OpenFin’s new Cloud Services offering.
OpenFin delivers a desktop operating system designed to enable the financial institutions to create new applications and upgrade older ones.
The service allows them to reduce the time and investment needed to modernise software used for multiple banking functions.
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By GlobalDataIt’s clients include major banks, asset management firms and vendor platforms.
OpenFin co-founder and CEO Mazy Dar said: “OpenFin OS and our new app store services enable the next generation of desktop apps that are transforming how we work in financial services.”
OpenFin OS is said to be used on around 200,000 desktops at more than 1,500 banks and buy-side firms.
Commenting on the investment, Wells Fargo Securities Strategic Investments Basil Darwish said: “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.”
