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OpenFin raises $35M to tackle ‘toggle tax’ in finance apps

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OpenFin’s Web-Based OS Receives $35 Million Series D Funding Round

In 2010, OpenFin joined the world of user interfaces in fast-moving information with its startup. OpenFin has come a long way since then, receiving a $35 million Series D funding round led by Bank of America, taking it to a total of $82 million raised. Its web-based OS has carved out a place in the financial services market as an interface for applications and is used by over 3,800 banks, wealth, and asset management firms in more than 60 countries.

Competitors

One of OpenFin’s main competitors is Island, which bills itself as a secure web browser for enterprises. However, it is clear that more than just the competition between browsers is at stake here. The “toggle tax,” where users switch from one app to another hundreds of times a day, is well known for its inordinate amount of time consumption. Time equals money in the financial world, and this is where OpenFin makes a difference.

The Solution

The problem that OpenFin is solving is an enterprise problem. Desktops are locked down, and searching for apps is time-consuming. OpenFin solves these problems by acting as a single search interface that can plug in to all the apps that the user is using. With one search, a user can search across all the apps and get rich results that drive workflow. Think of this as Spotlight Search on steroids.

Investors

Other investors in OpenFin are Barclays, DRW Venture Capital, HSBC, J.P. Morgan, and Wells Fargo Strategic Capital. VC investors include Bain Capital Ventures and NYCA Partners.

New Deals

The number of financial institutions using OpenFin has reached 3,800 across 60+ countries, and the latest deal was with the London Stock Exchange. The company has also expanded its footprint to the US government sector through a strategic partnership and investment from In-Q-Tel, the CIA’s investment arm.

FAQs

What is OpenFin?

OpenFin is a web-based OS that acts as an interface for applications.

Who Invested in OpenFin?

Investors in OpenFin include Barclays, DRW Venture Capital, HSBC, J.P. Morgan, Wells Fargo Strategic Capital, Bain Capital Ventures, and NYCA Partners.

How many financial institutions use OpenFin?

The number of financial institutions using OpenFin is claimed by the company to have reached 3,800, across 60+ countries.

What is the “toggle tax”?

The “toggle tax” is where users switch from one app to another hundreds of times a day, causing them to lose time and money in the financial world.

How does OpenFin solve the “toggle tax”?

OpenFin solves the “toggle tax” by acting as a single search interface that can plug in to all the apps that the user is using. With one search, a user can search across all the apps and get rich results that drive workflow.

What are the benefits of using OpenFin?

The benefits of using OpenFin include increased productivity and workflow, reduced time consumption, and a user-friendly interface.

Conclusion

OpenFin has come a long way in revolutionizing user interfaces and fast-moving information since its startup in 2010. Its web-based OS has gained a renowned place in the financial services market as an interface for applications and has received a $35 million Series D funding round. A single search interface that plugs in to all the apps a user is using, OpenFin is the perfect solution for the “toggle tax” problem. With over 3,800 financial institutions using it worldwide, OpenFin has undoubtedly become one of the leading players in the user interface industry.

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