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Ohpen Raises $16 Million in Series B Funding

Netherlands-based Ohpen has announced a newly raised 15 million euro ($17 million) investment to build out its cloud-based core banking software for large financial services providers. The latest Series B round led by private equity firm Amerborgh brings the eight-year-old company’s valuation to 100 million euros ($113.5 million).

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Ohpen will use the new financing to accelerate its growth, including plans to expand in the U.K. where it recently opened up a new London office. The company offers completely cloud-run SaaS solutions for financial institutions that administrate retail investment and savings accounts. Customers include online savings banks, asset managers, retail banks, insurance companies and pension providers, with clients such as Aegon, Nationale Nederlanden and The Volksbank.

“The founding team of Ohpen was previously the management team of BinckBank and in that capacity responsible for the creation of the most successful internet broker in Europe, before we left,” said Chris Zadeh, Chief Executive Officer and founder of Ohpen. “Having spent 10 years cursing on unreliable technology that was almost impossible to adapt to our needs, we had to put our money where our mouth was and create a complete new core banking engine from scratch.”

Ohpen offers its regulatory-approved cloud-based technology as an alternative to unreliable legacy systems and servers with a revenue model that charges per user. Zadeh suggests that the 100-person company is already self-sufficient at home and will now double down on international growth.