OpenFin, a US-based provider of banking management software, has landed $17m in a series C round led by Wells Fargo that included fellow financial services firm Barclays.
Investment banking firm JP Morgan Chase, investment firm Pivot Investment Partners and Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, also contributed to the round, which OpenFin said boosted its overall funding to $40m.
Founded in 2010, OpenFin has developed an operating system that is used by more than 1,500 banks and buy-side firms to modernise their desktops by building applications used in their client service centres, front office, operations and compliance departments.
The capital will be used to bolster the company’s recently released cloud-based offering, which allows customers to create private, custom-made app stores for internal and external use.
OpenFin had previously raised $15m in a 2017 series B round featuring Euclid Opportunities and DRW Venture Capital, the strategic investment vehicles for derivatives marketplace operator NEX and trading firm DRW respectively.
JP Morgan Chase, Pivot Investment Partners, Nyca Partners and Bain Capital Ventures also backed the 2017 round, the latter having also led its $4m series A round in 2014.