TECHNOLOGY

JP Morgan and NEX Group invest $15 million in desktop trading firm

OpenFin provides desktop applications to trading platforms.

By Hayley McDowell hayley.mcdowell@strategic-i.com February 16, 2017 3:35 PM GMT

JP Morgan and NEX Group are among several large institutions to have invested $15 million to desktop applications firm, OpenFin.

DRW Venture Capital, Nyca Partners and Pivot Investment Partners joined JP Morgan and NEX Group’s Euclid investment arm on the series B round of funding.

OpenFin provides desktop applications to both buy- and sell-side trading platforms, providing market data, news, research and direct trading capabilities.

Mazy Dar, CEO and co-founder of OpenFin explained: “Our mantra at OpenFin is: ‘Move fast. Break nothing.’

“Our operating environment brings the same rapid innovation cycle to change-resistant capital markets without sacrificing the security and stability of these mission-critical systems.”

JP Morgan’s chief administrative officer, Sanoke Viswanathan, said a critical component of OpenFin’s success is their open source technology.

“Some of the most successful tech companies are combining proprietary technology aimed at fuelling business growth with an open source, shared technology framework that gets better with contributions from the broader community,” he explained.

Michael McFadgen, managing director at NEX Group’s Euclid Opportunities, added: “The ability to provide a cohesive and unified user experience is extremely powerful, and it makes our services more nimble allowing us to stay in front of innovations in any market.”