Over ten years ago, OpenGamma emerged as one of the new FinTech creations in London, launching an open source analytics and risk management platform for the financial services industry. Its open architecture allowed financial services companies to develop analytics applications aimed at risk managers and operators. This open source approach was designed to disrupt proprietary software platforms.
Today he has taken that vision to a new level, has become something of a leader in derivatives analysis, and has been announced to have raised $ 10 million in growth funds led by fintech and B2B software VC Dawn Capital. . Existing investors Accel, CME Ventures, and former SunGuard CEO and angel investor Cristóbal Conde also participated.
According to CrunchBase, OpenGamma has now raised a total of $ 50.2M in funding over 9 rounds. This included a debt financing in 2014, and rounds that included FirstMark Capital in New York, angel Lawrence Lenihan, and a strategic investment from the NEX Group.
Peter Rippon, CEO of OpenGamma, explained: “Regulation has created new opportunities for companies like OpenGamma. We work with key market infrastructure providers, including CME Group, Eurex, JSCC and world-class banks, to ensure that we have access to the models necessary to solve a key industry problem: the rising cost of trading derivatives. ”
With the new regulation that forces companies to publish billions in capital to take market positions with significant increases over the next few years, OpenGamma analytics solutions allow banks, hedge funds and asset managers to reduce the cost of trading derivatives.
The company claims it has seen a 300% increase in recurring revenue in the last 12 months, as well as geographic expansion around the world, doubling both the customer base and the team.
The new funding will allow OpenGamma to continue its growth strategy as it expands its teams in London, New York and Singapore.
Josh Bell, General Partner at Dawn Capital, said: “As regulation continues to drive up the cost of trading derivatives, efficient use of capital has become essential for financial institutions to maintain their business models. Global investment banks and world-class asset managers are turning to OpenGamma for assistance, attracted by the depth, coverage and speed of deployment of OpenGamma’s analytics platform. “