Deutsche Bank invested in the company because of Ohpen’s growing client base, strong business model, and market positioning around growth in the digitalisation of financial services.
The proceeds from this round will help Ohpen to continue its expansion efforts in the UK and to strengthen its functionality. In addition, the company says the funds will also enable it to pursue its strategic vision to position itself as an ambitious player in the financial infrastructure space.
Speaking on the development, Ohpen’s CFO Douwe Bijl, says, “With the global spending market for bank IT is estimated at $300B, there is a clear drive by existing financial institutions to modernise their IT systems and meet the demands of their customers, shareholders, and supervisory authorities. This funding supports our ongoing internationalisation, enables us to speed up our innovation roadmap and take on a bigger share of this market.”
What does Ohpen offer?
The company was founded in 2009 by Chris Zadeh, Bas Wouwenaar, Erik Drijkoningen, and Ilco van Bolhuis. Built by former retail bankers, Ohpen aims to free banks from their legacy systems and processes.
The company claims its cloud-based core banking engine is completely reliable, adaptable, and compliant. With offices across the UK and Benelux regions, Ohpen powers savings, investment, mortgage, loan, and pension products for clients including Aegon, Knab, Robeco, Nationale-Nederlanden, BCM Global, CMIS, Volksbank, and LeasePlan Bank.
With an aim to become a world leader, besides the recent funding, Ohpen has recently appointed supervisory board members Leni Boeren (KLM- Air France supervisory board member) and the recent hire of banking veteran Jerry Mulle as Ohpen UK Managing Director.
In September 2020, the company had acquired cross-border loan and mortgages SaaS provider Davinci to extend its core banking product range into the mortgage market. Davinci deploys machine learning and AI to process and approve mortgage loans.
Back in 2019, NPM Capital acquired a 35 per ent stake in Ohpen.