OpenFin secures $35 million in Series D investment
OpenFin, the operating system (OS) for enterprise productivity, today announced that it has secured $35 million in Series D investment. The latest funding round was 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 investment will be used to accelerate the adoption of OpenFin OS across the financial industry and beyond. OpenFin’s web-based OS is becoming a de facto standard in financial services for powering next-generation applications and digital experiences for employees and customers. The software is now used in more than 3,800 banks, wealth and asset management firms in over 60 countries.
The Series D funding round comes during a period of record growth for OpenFin driven by rapid adoption of OpenFin Workspace, the visual interface of OpenFin OS. Introduced in 2021, OpenFin Workspace includes an app launcher, notification center, universal search, an enterprise browser with standard interoperability, and app store features. These components help unify and simplify the end-user experience across both internal and third-party apps, significantly increasing productivity and reducing operational risk.
According to several recent surveys by the Forbes Technology Council, Harvard Business Review and others, end users experience anywhere from 2 to 4 hours of lost productivity each day, often referred to as the “switch tax.” The wasted time comes from employees using anywhere from 7 to 35 apps a day, switching between those apps thousands of times a day, and individually searching for apps an hour a day. This equates to a cost of millions or tens of millions of dollars a year in lost productivity depending on the size of an organization.
Dinkar Jetley, co-founder and managing partner of Pivot Investment Partners, said: “OpenFin provides the financial industry with a truly open workplace platform that is unmatched in terms of app deployment, security, interoperability, scale and governance. We have supported OpenFin’s vision since 2015 and are excited to support the company as they expand across the financial sector and beyond.”
Last year, OpenFin announced its expansion into the public sector via a strategic partnership and investment from In-Q-Tel (IQT).
Mazy Dar, CEO of OpenFin said: “This is a significant milestone in OpenFin’s mission to enable transparency, app interoperability and end-user productivity across the financial services industry. OpenFin Workspace empowers financial institutions to transform the experience for their employees and their customers, replacing traditional browsers with an enterprise browser designed for work. We are pleased to welcome Bank of America as our newest strategic investor, and we are grateful for the continued support of Pivot Investment Partners and so many other existing investors.”
Other major OpenFin investors include Bain Capital Ventures, Barclays, DRW Venture Capital, HSBC, JP Morgan, NYCA Partners and Wells Fargo Strategic Capital.
