Ohpen closes €25mn Series C With PE Shop Amerborgh
SaaS core banking provider Ohpen has successfully closed a €25 million Series C investment round, with private equity firm Amerborgh. Ohpen will use these funds to further fuel growth and expand into a third country, where it will enable financial services companies to digitalise their services, migrate their customer accounts into the cloud and reduce costs by up to 40 per cent.
Ohpen will utilise this investment round to build a team in the third market and further develop the platform with country specific requirements. The company is reviewing potential countries for its third base and found five promising candidates: Germany, France, Canada, Australia and the United States of America. Ohpen will announce its final decision in the first half of 2018.
"We're just scratching the surface," says Ohpen Founder and CEO Chris Zadeh. "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. This has never been done before: it requires creativity, commitment and also the necessary capital to implement our vision."
Multiple investors worldwide competed to join this investment round. 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.
Michel Vrolijk, Managing Director Amerborgh Nederland: "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. 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."
The new round of capital follows a year of significant growth. In 2017 Ohpen more than doubled in staff and revenue, announcing a large scale cooperation with both Aegon Bank and de Volksbank. In July 2017, Ohpen confirmed a previous investment round of €15 million to support its expansion to the United Kingdom, where the company is implementing its first overseas client. The Series C investment brings the total investment in the past six months to €40 million for the Ohpen team.