Standard Chartered’s SC Ventures to invest in OpenFin

Mazy Dar, co-founder and CEO of OpenFin.

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, is to invest in OpenFin, the operating system (OS) of finance, accelerating new product development and bringing total funding to date to $50 m.

More specifically, the current injection will be used to expand OpenFin’s product and engineering teams focused on building new user interface components of OpenFin web-based OS, including OpenFin’s new desktop-wide Notification Centre.

OpenFin is also expected to see a significant increase across Asia, Africa and the Middle East, reflecting Standard Chartered’s diverse client base.

Standard Chartered adopted OpenFin’s technology earlier this year to accelerate its internal and client-facing technology transformation strategy across multiple areas, starting with its financial markets business.

Traders have access to easy workspace management and automated workflows that are more intuitive, user-friendly and help increase productivity.

OpenFin OS, which is built on Google’s Chromium engine, is now used by over 1,500 banks and buyside firms across nearly 250,000 desktops in more than 60 countries.

The software not only simplifies app distribution but unifies the digital workspace and enables seamless communication and workflow between apps.

Other OpenFin investors include Bain Capital Ventures, Barclays, CME Ventures, DRW Venture Capital, HSBC, J.P. Morgan, NYCA Partners, Pivot Investment Partners, and Wells Fargo.

Alex Manson, SC Ventures.

“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 personalised design of the workspace and hence transforming the way we think of how conventional financial markets applications are delivered to the user.”

Mazy Dar, co-founder and CEO of OpenFin, said, “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.”

©BestExecution 2020

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