Ohpen raises EUR25 million for overseas expansion

Core banking provider Ohpen has closed a €25 million Series C investment round with PE firm Amerborgh as it prepares to take its SaaS-based platform into new territories.

The company is reviewing potential countries for its third base and has found five promising candidates: Germany, France, Canada, Australia and the United States of America.

Ohpen founder and CEO Chris Zadeh says it will utilise this investment round to build a team in the third market and further develop the platform with country specific requirements.

“We’re just scratching the surface,” he says. “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.”

Founded in 2009 by a team of experienced bankers and software engineers, Ohpen currently employ more than 150 staff from offices in the Netherlands, UK and Spain.

The new round of capital follows a year of significant growth, which saw the firm double revenue and staff numbers and sign big-ticket deals 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.