Australian fintech firm OpenMarkets Group bags $7.6m in pre-IPO round

OpenMarkets Group, a trading and wealth management fintech firm based in Australia, said it has closed A$10 million (US$7.6 million) in a pre-IPO round led by E&P Corporate Advisory and Investec.

OpenMarkets Group CEO Ivan Tchourilov / Photo credit: OpenMarkets Group

Founded in 2012, OpenMarkets Group provides a full suite of technologies for investment professionals and connects retail investors with investment options and advice.

The group consists of a business-to-business (B2B) arm, OpenMarkets, and its self-directed retail trading platform OpenTrader.

OpenMarkets runs a B2B platform and technology solution across wholesale execution, order and risk management, advice, and customer relationship management. It enables investment firms, professionals, and fintech firms to connect to markets and deliver white-label services for their customers.

The latest investment comes after the company claimed that its B2B arm overtook UK-based CMC Markets to become Australia’s second-largest retail broker, following Commonwealth Securities.

The fintech firm plans to use the new funds to accelerate growth through investments in marketing and technology as it continues to extend its range of technology solutions available to its B2B clients, said OpenMarkets Group CEO Ivan Tchourilov.

Meanwhile, the Australian company is focused on preparing for an initial public offering.

The group claims it services over 180,000 accounts and records A$50 billion (US$38.3 billion) in annual trading turnover.

It has over 150 B2B clients, including retail players like SelfWealth, Stockspot, and Superhero, while its technology stack supports over 750 financial advisors.

Currency converted from Australian dollar to US dollar: US$1 = A$1.3.