OpenFin, the leading provider of HTML5 runtime technology for the financial industry, today announced it has raised $3.0 million in additional financing. The round was co-led by Bain Capital Ventures, Pivot Investment Partners and Nyca Partners, with participation from 20 senior financial industry executives including Cris Conde, former CEO of SunGard and Tom Glocer, former CEO of Thomson Reuters. The funds will be used for product development and engineering team expansion in both New York and London.
“Eleven of the world’s largest banks and trading platforms are already using OpenFin to run high-performance, multi-window HTML5 applications on sell-side and buy-side desktops,” said Mazy Dar, Chief Executive Officer of OpenFin. “We are thrilled to have the support of so many financial industry leaders and entrepreneurs as we scale to meet our customers’ needs.”
OpenFin’s technology is aimed at the institutional finance space which has strict requirements around security and performance with an annual IT spend of over $40 billion. “Technology advances in the consumer space have been breath-taking but in the institutional world, bank desktops are still dominated by legacy software,” said Hans Morris, Managing Partner of Nyca Partners and former President of Visa. “Banks clearly want to accelerate the development of financial applications, and OpenFin provides the technology to enable that to happen.”
“Financial institutions face the daunting challenge of reinventing themselves while reducing costs across their global infrastructures,” said Dinkar Jetley, co-founder of Pivot Investment Partners and former CEO of Worldwide Securities Services at J.P. Morgan Chase. “Tailored for the financial industry, OpenFin enables significant cost take-out from in-house builds while paving the way for innovation.”
Based on the Google Chromium open-source project and hardened to meet bank security requirements, OpenFin’s HTML5 runtime enables native, multi-window experience, seamless desktop integration with Java / .NET / C++ / Flex, and requires zero install. “We make it easy to build desktop applications that are fast, beautiful, thin, secure and cross-platform,” said Chuck Doerr, President and COO of OpenFin.
OpenFin also announced the hiring of Jen Collet as COO Europe, Steve Greenblatt as VP of North American Sales, and the appointments of Paul Humphrey and Aron Miodwonik as strategic advisors. Collet was COO of Post Trade Risk at ICAP, a leading markets operator. Greenblatt was a founding member of Liquidnet, a global institutional trading network. Humphrey previously served as CEO of Electronic Broking at Tullett Prebon, a leading interdealer broker, and was Global Head of E-Commerce at ABN Amro. Miodownik previously held senior technology and operations roles at Merrill Lynch and UBS and is currently managing director at Cambrian Consulting. OpenFin anticipates continued hiring to meet growing demand as financial industry firms migrate to HTML5.
Check out a video overview of OpenFin below from senior management:
OpenFin is rapidly becoming the application container of choice to build demanding HTML5 applications in financial services. It has been adopted by a significant number of Tier 1 and Tier 2 investment banks, hedge funds and other investment firms.
Click here to read more from the Wall Street Journal.