US-based financial technology developer OpenLegacy has completed a $30m funding round that included corporate joint venture Rafael Development Corporation (RDC) and financial services firms Commerzbank and BNP Paribas.
The round was led by investment firm Silverhorn Investment Advisors and included Leumi Partners, OG Tech Ventures and venture capital integrator Prytek-GFS Group.
CommerzBank took part through its CommerzVentures unit while BNP Paribas invested through C.Entrepreneurs, the unit created by its insurance subsidiary BNP Paribas Cardif and VC fund Cathay Innovation.
OpenLegacy has created application programming interface (API) integration and management software that helps financial institutions integrate their legacy systems into digital services across mobile, cloud and web platforms.
Ron Rabinowitz, OpenLegacy’s chief operating officer and chief financial officer, said: “This funding strongly supports our worldwide expansion and will enable OpenLegacy’s platform to increase its market share in the Forbes Global 2000.”
RDC is the technology commercialisation arm of weapons technology provider Rafael Advanced Defence Systems that was formed in partnership with technology holding group Elron Electronic Industries.