NEW YORK: Financial services software startup OpenFin has raised US$17 million in a funding round led by Wells Fargo & Co with participation from Barclays, the company said on Thursday.
Founded in 2010, the company has developed an operating system that enables financial institutions to more easily create and upgrade their computer applications, similarly to how consumer apps are updated on smartphones. It would otherwise take between 6 to 18 months for a financial institution to deploy or update an application, OpenFin said.Over the past few years, banks have been ramping up partnerships and investments in young companies that create products and services which can help large financial institutions remain competitive in an increasingly digital world.
Source: News Formal (newsformal.com)
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