OpenFin Receives Strategic Funding from ING Ventures

OpenFin, which provides an enterprise operating system for financial institutions, has received a strategic investment from ING Ventures, the venture capital arm of ING, thus bringing another big bank as an investor. However, the company did not reveal the amount of funding.

Other prominent investors in the company include Bain Capital Ventures, Barclays, CME Ventures, DRW Venture Capital, HSBC, J.P. Morgan and several others. It received its last funding investment from SC Ventures in December 2020, when the total amount into the company scaled up to $50 million.

Announced on Monday, the proceeds of the funding will be utilized to accelerate the expansion of the OpenFin OS.

“We are delighted to have the backing of ING Ventures as we accelerate our expansion across Financial Services. ING’s focus on innovation and their footprint across the world makes them an ideal partner for OpenFin,” said the Chief Operating Officer at OpenFin, Adam Toms.

A Financial Industry OS Provider

OpenFin’s enterprise operating system is focused on the financial services industry. Its OS is being used by more than 2,400 banks and wealth and asset management firms, including 23 of the top 25 banks, according to the company.

The platform is built on Google’s Chromium engine and simplifies app distribution, unifies the digital workspace and streamlines communication between different applications.

The investment from ING came a year after the bank adopted OpenFin OS in 2021.

“Our investment in OpenFin further validates our determination and commitment to digital transformation and innovation,” Frederic Hofmann, the Co-Head of ING Ventures.

“We are excited to partner with OpenFin as they have proven to be the best in class app platform in this space, transforming distribution and significantly enhancing end-user productivity across the finance industry.”

Earlier this year, OpenFin made strides into the forex market by entering into a partnership with Edgewater Markets.