OpenFin Raises $17M To Help Enable The 'Next Generation Of Desktop Apps'

OpenFin, a maker of operating system products for the field of finance, said Thursday it raised $17 million in Series C funding led by Wells Fargo WFC with participation from Barclays BCS and existing investors, including Bain Capital Ventures.

What Happened

OpenFin's desktop operating system enables financial services companies to create new applications while enabling integration with legacy applications, the company said in a press release. Clients include banks, asset managers, wealth managers and hedge funds.

OpenFin's technology gives clients the ability to "to modernize and unify the end-user desktop experience," the company said.

Following the latest round of financing, OpenFin's total amount of venture funding stands at $40 million. The company said it will use its new proceeds to make its technology "ubiquitous on financial desktops" and fund new product innovation, including a Cloud Services offering.

Why It's Important

There are more than a million apps that "changed how we live" and OpenFin is dedicated to "services enable the next generation of desktop apps that are transforming how we work in financial services, OpenFin Co-Founder and CEO Mazy Dar said in the press release.

"OpenFin is building the roads, bridges and communications infrastructure for financial apps that will allow capital markets to innovate like Silicon Valley," Matt Harris, Partner at Bain Capital Ventures. "We are proud to have been early backers of the company."

OpenFin said it has a "significant network effects" within the financial services industry and it sees "tremendous opportunities" for its technology in adjacent industries.

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