Saturday, 06 March 2021

SC Ventures invests in OpenFin

The strategic investment by Standard Chartered unit will help OpenFin meet growing demand for digital workspaces and app stores

OpenFin, the operating system (OS) of finance, announced that it secured a strategic investment from SC Ventures, the innovation, fintech investment and ventures arm of international banking group, Standard Chartered. The capital will accelerate new product development and brings OpenFin’s total funding to date to $50 million.

OpenFin’s web-based OS has become the de facto standard in capital markets for powering nextgeneration application and desktop experiences by creating interfaces that make the financial desktop simple and intuitive for employees. Built on Google’s Chromium engine, OpenFin OS simplifies app distribution, unifies the digital workspace, and enables seamless communication and workflow between apps. The software is now used at more than 1,500 banks and buy-side firms across nearly 250,000 desktops in 60+ countries.

The latest round of capital will be used to expand OpenFin’s product and engineering teams focused on building new user interface components of OpenFin OS, including OpenFin’s new desktop-wide Notification Center.

Standard Chartered adopted OpenFin’s technology earlier this year to accelerate their internal and clientfacing technology transformation strategy across multiple areas of the bank starting with the financial markets business. Traders now have access to easy workspace management and automated workflows which are intuitive, user-friendly and help increase productivity. OpenFin OS will see a significant increase in usage across Asia, Africa, and the Middle East as a result of Standard Chartered’s diversified client geographies.

Standard Chartered joins a distinguished group of OpenFin investors, including Bain Capital Ventures, Barclays, CME Ventures, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners, Pivot Investment Partners, and Wells Fargo.

“In the financial services workplace of the future, employees need increasingly specific tools to collaborate and serve clients effectively,” said Alex Manson, SC Ventures. “We are thrilled to partner with OpenFin as they create such an environment, allowing for personalized design of the workspace and hence transforming the way we think of how conventional financial markets applications are delivered to the user.”

"We are incredibly excited to welcome Standard Chartered as a customer and investor.” said Mazy Dar, Co-Founder and CEO of OpenFin. “The pace of innovation at such a large financial institution has been truly astounding. We look forward to a close collaboration as we work to modernize the industry’s app infrastructure."

Re-disseminated by The Asian Banker

Diary of Activities
Finance Vietnam & Awards Ceremony 2021
25 March 2021
Excellence in Retail Financial Services Annual Meeting 2021
22 April 2021