Financial services provider SBI supplied $20m in funding today for OpenLegacy, a US-based developer of digital services management software.
OpenLegacy has built a platform that helps enterprise businesses digitalise their existing operations and application programming interfaces (APIs), automating the creation of new APIs across different programming languages and operating systems.
SBI provided the capital as a strategic investment and intends to utilise OpenLegacy’s technology to assist its portfolio companies with digital transformation, particularly with regard to expanding its blockchain-based payment app internationally and enhancing internet banking for its portfolio banks.
Ron Rabinowitz, president of OpenLegacy, said: “SBI’s use cases demonstrate the range of achievements that OpenLegacy’s technology makes possible.
“The investment opens the door to Japan, the world’s second largest mainframe market. It is an important milestone in our global expansion; we are now serving the world’s top clients across the United States, Europe, Latin America and Asia.”
The company has raised $50m prior to the latest round, as of an investment of undisclosed size by Silverhorn Investment Advisors in October 2019.
Silverhorn led a $30m round for OpenLegacy in late 2018 that included corporate joint venture Rafael Development Corporation (RDC), CommerzVentures and C.Entrepreneurs, vehicles for financial services firms Commerzbank and BNP Paribas, as well as Leumi Partners, OG Tech Ventures and Prytek-GFS Group.
