Adam Toms, European CEO, OpenFin
OpenFin, an operating system for enterprise productivity across the financial system, has won a new strategic investment from ING Ventures, the venture capital arm of ING. The TRADE has learned that the investment amount is around $10 million.
“Having yet another big, strategic investor like ING on board really drives home that what we are building – with and for the world’s largest banks – are necessary tools for today’s trader desktops,” said Adam Toms, European CEO of OpenFin, speaking to The TRADE.
The announcement follows a period of accelerated growth since last year’s launch of OpenFin Workspace, a new visual interface of OpenFin OS which includes components for complex windowing, advanced search, actionable notifications and application discovery. Built on Google’s Chromium engine, OpenFin OS simplifies app distribution, unifies the digital workspace and enables improved communication and workflow between apps.
“With the launch of Workspace last year, we enable users across banks and asset managers to consolidate and automate their workflows across desktops and applications, work smarter, faster, more collaboratively and effectively than ever before. And we do this at scale. With ING in particular, we are supporting its digital transformation strategies across the bank,” said Toms.
OpenFin software is currently used at over 2,400 banks and asset managers across over 60 countries. The latest round of capital will be used to accelerate expansion of OpenFin OS to “every user within financial services”, according to the firm, whose software is already being used by 23 of top 25 global banks.
ING first adopted OpenFin’s technology in 2021 to accelerate its desktop transformation strategy. “Being relevant, easy, personal and instant remains a priority for ING and our partnership with OpenFin further evidences our commitment in accelerating a superior customer and employee experience through digital,” Frederic Hofmann, co-head of ING Ventures, told The TRADE.
The bank becomes the seventh major financial institution to invest in the operating system.