Amsterdam-based startup Ohpen has raised 25 million euro in a Series C round from the private equity firm Amerborgh. The startup will use the capital raised to set up shop in a still to be determined third country. In a statement about the new investment round the company points out that it’s reviewing five promising candidates: Germany, France, Canada, Australia and the United States of America.
Founded in 2008 by CEO Chris Zadeh Ophen enables the banking industry to switch from their on-premise legacy IT infrastructure to a cloud-based state of the art financial services infrastructure. The company’s ‘banking engine’ is designed to allow banks and other financial services firms to plug into a secure, cloud-based administration factory. “We’re just scratching the surface,” says Zadeh. Adding: “Ohpen is changing the core banking software industry, advocating a totally digital solution that is based on one version of the platform for all clients and countries.”
The company claims that it technology enables its clients to reduce cost by up to 40 %.
“It was Amerborgh’s approach to supporting entrepreneurs and encouraging them to freely implement their vision that was the deciding factor for Ohpen, aligning with the Ohpen team’s preferred way of working”, the statement about the presumbly oversubscribed round accounts.
“Our private equity firm primarily looks at execution power of entrepreneurs because we get thousands of requests from people with great ideas. The execution power of the Ohpen team is unparalleled, says Michel Vrolijk, Managing Director Amerborgh Nederland. “Since the start of its journey in 2008, Ohpen has pioneered setting up worldwide hubs that banks can just plug into. This is the future of the core banking industry. Launching the third country is crucial for Ohpen’s strategy and Amerborgh is thrilled to support them at this decisive point in their growth story.”
Ohpen raised 17 million euro in 2017. The new investment round brings the total investment to 40 million euro. Knab, Nationale Nederlanden, Aegon and Robecco are a few notable clients of the company. The company will announce in the first half of 2018 which of the aforementioned countries is going to be its next frontier.
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