New York Startup Open Fin, The “OS” For Financial Services Raises $15 Million
OpenFin is a platform that bills itself as the “Android for capital markets”. Built on top of Google’s Chromium project, the SaaS startup has developed it’s own layer for safely and securely developing applications for financial services and capital markets. Chromium is the same code that Google uses for it’s Chrome browser.
OpenFin allows other financial services and capital market applications to communicate safely with one another.
The OpenFin platform runs ontop of a financial services network. The applications communicating and transacting across OpenFin never actually touch the underlying network making it more secure to the financial institutions.
According to TechCrunch OpenFin also helps reduce deployment time for the applications that work on top of it’s service. Typically it can take 6-18 months from when a software product is finished to actually being deployed by a financial institution. A big part of that is integration with systems already in place, the other is security. OpenFin, by its own virtue, solves both problems.
The proposition is great for banks because OpenFin doesn’t charge them anything. They make their money on a per seat fee charged to the apps across the network.
Jonathan Shieber at TechCrunch is also a fan of OpenFin because of the ability to bring the technology to other industries that face similar hurdles when implementing new software. He suggests, oil, gas, utilities and heavy industries as other verticals that could benefit from this “OS” approach.
There are currently 50 applications that are distributed via OpenFin. Customers include; J.P. Morgan, Citadel, Electronifie, REDI, Trumid, Greenkey, ICAP, OpenDoor, embonds, and Tullett Prebon.
OpenFin closed a $15 million dollar round in February, topping the startup funding for New York based startups. J.P Morgan, Bain Capital Ventures and NEX Euclid Opportunities led the round with DRW Venture Capital, Nyca Partners, Pivot Investment Partners and other angels contributing as well.
Our friends at AlleyWatch have the other 9 companies featured, rounding out the 10 largest NYC Startup Rounds of February 17, here.
You can check out OpenFin here.