OpenFin Raises $17 Million in Series C Funding

Smart desktop platform OpenFin closed out its Series C round of funding, raising $17 million, which was led by Wells Fargo. The latest round brings the firm’s overall venture funding to $40 million. In addition to Wells Fargo, Barclays participated in the round for the first time, as well as existing investors JP Morgan, Bain Capital Ventures and Pivot Investment Partners. 

The capital will go toward further investment into OpenFin iOS; ongoing product development, specifically for OpenFin’s Cloud Services; and regional expansion into Europe and Asia. OpenFin already provides a handful of cloud offerings, including an app-store service that lets any bank or buy-side firm create their own app store comprised of chosen internal and third-party applications that are then made available to end-users. On top of that, it also provides a workplace service, which allows snapped-and-docked windows to travel with users between home and office, or from desktop to desktop. OpenFin plans to announce additional cloud services later this year, says Mazy Dar, co-founder, and CEO. 

While OpenFin has traditionally focused on the capital markets to solve for desktop app interoperability issues, Dar says that with this latest round of investment the company will look to expand into other areas, such as wealth management.

“We’re seeing a number of the same kinds of problems that we see in capital markets, where the same end user is using multiple apps to do their work,” he says. “Those apps need to be easily accessible, and they need to be able to talk to each other and share data whether that’s the CRM [customer-relationship management] app talking to the research apps talking to [Microsoft] Outlook talking to another internal application.”

The decision to partner with newcomers Wells Fargo and Barclay’s, Dar says, felt like a good fit due to the companies’ similar goals. 

“It’s helpful to have the kind of investors who understand the problem and share that vision, and who have the use cases that can help inform our product development in our future roadmap,” Dar says.