Cloud-based core-banking provider Ohpen has secured a € 15 million Series B investment round led by private equity firm Amerborgh to accelerate international growth.
Ohpen, founded in 2009, is a cloud-based core-banking engine, built for the efficient administration of retail investment and savings accounts.
Since Ohpen signed and implemented its first Software-as-a-Service (SaaS) client in 2012, Ohpen has become market leader in The Netherlands. Enterprise clients like Aegon and De Volksbank have signed long term outsourcing contracts for the administration and servicing of retail investment and savings accounts.
Ohpen opened an office in London last year and signed its first client in the United Kingdom which is being implemented this year.
The UK Platform market currently undergoes radical changes caused by new regulations and issues related to legacy systems and providers. Ohpen is well positioned to assist financial institutions in coping with these challenges and seizing opportunities.
The current investment round of € 15 million values Ohpen at € 100 million. The growth capital will be used to finance UK expansion and enter new markets.
“The first step, back in 2009, was to actually develop a whole new core banking engine and offering it as SaaS using cloud technology”, says founder and CEO Chris Zadeh. “The second step was to get a client and create a strong home base. After becoming the number one player in our home market, we knew it was time to enter new markets and truly scale up the company.”