OpenFin – an operating system (OS) of enterprise productivity – announced recently that it has secured $35 million in Series D investment. The latest funding round was led by Bank of America with significant participation from Pivot Investment Partners and ING Ventures. Additional investors in this funding round include CME Ventures, CTC Venture Capital, SC Ventures, and Tribeca Early Stage Partners.
The funding will be used to help accelerate the adoption of OpenFin OS across the financial industry and beyond. And OpenFin’s web-based OS is becoming a de facto standard in financial services for powering next-generation applications and digital experiences for employees and clients. The software is now used at more than 3,800 banks, and wealth, and asset management firms in 60+ countries.
The investment comes during a period of record growth for OpenFin driven by the rapid adoption of OpenFin Workspace, the visual interface of OpenFin OS. Launched in 2021, OpenFin Workspace includes an app launcher, notification center, universal search, an enterprise browser with default interoperability, and app store capabilities. These components help unify and simplify the end-user experience across both internal and 3rd party apps, significantly enhancing productivity and reducing operational risk.
According to multiple recent surveys from Forbes Technology Council, Harvard Business Review and others, end users experience anywhere between 2 to 4 hours of lost productivity each day – often known as the “toggle tax”. This wasted time stems from employees using anywhere from 7 to 35 apps a day by toggling between those apps thousands of times a day and individually searching apps an hour a day. This translates to a cost of millions or tens of millions of dollars a year in lost productivity depending on the size of an organization.
Last year, OpenFin announced an expansion into the government sector via a strategic partnership and investment from In-Q-Tel (IQT). And other major OpenFin investors include Bain Capital Ventures, Barclays, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners, and Wells Fargo Strategic Capital.
KEY QUOTES:
“OpenFin provides the financial industry with a truly open workspace platform that is unrivaled when it comes to app distribution, security, interoperability, scale and governance. We have backed OpenFin’s vision since 2015 and are delighted to support the company as they expand across the financial sector and beyond.”
— Dinkar Jetley, Co-Founder and Managing Partner at Pivot Investment Partners
“This is a significant milestone in OpenFin’s mission to enable openness, app interoperability, and end-user productivity across the financial industry. OpenFin Workspace is empowering financial institutions to transform experience for their employees and their customers, replacing traditional browsers with an enterprise browser designed for work. We’re delighted to welcome Bank of America as our newest strategic investor and we’re grateful for the continued support from Pivot Investment Partners and so many other existing investors.”
— Mazy Dar, CEO of OpenFin
