| NEW YORK
NEW YORK Feb 16 Financial services software
developer OpenFin has raised $15 million in a funding round that
included JPMorgan Chase & Co and the venture capital
arms of high-speed trading firm DRW Trading Group and
interdealer broker NEX Group Plc, the company said on
Other investors include venture capital firms Bain Capital
Ventures, Nyca Partners and a group of financial industry
executives, OpenFin said in a statement. NEX and DRW invested
through their respective venture capital arms Euclid
Opportunities and DRW Venture Capital.
OpenFin's software helps financial institutions create and
upgrade trading applications using programming language HTML5 as
quickly and frequently as technology companies update apps on
It currently takes between six to 18 months for new
applications or even updates to existing programs to reach a
trader's computer at major banks, OpenFin said.
HTML5 has become popular on Wall Street because it allows
software to run on different devices. It is also popular with
fresh computer science graduates, who banks are finding harder
to attract away from technology firms.
OpenFin's software also allows different applications, such
as those for real-time market data, news and research, to
interact. Firms can also use it to redesign more complex
applications in phases, as it allows newer parts of the
applications to work with the components that have yet to be
OpenFin, whose clients include Tullett Prebon Group Holdings
Plc, Citadel LLC, NEX and JPMorgan, said it planned
to use the new funding to expand its New York and London teams
to a total of 50 people over the year.
The latest funding round brings the total raised by the
seven-year-old company to $22 million.
(Reporting by Anna Irrera; Editing by Lisa Shumaker)