Allianz X, the digital investments arm of asset manager and insurer Allianz, has led a $21 million funding round for London-based fintech OpenGamma.
The fintech provides margin analytics for asset managers when posting collateral for derivative transactions.
OpenGamma stated that it would use the proceeds of its funding round to launch an automated workflow product for buy-side firms’ treasury management.
According to Allianz X manager Kevin Harder, fintechs such as OpenGamma have helped to make collateral management “no longer a back-office issue but an active performance driver”.
“Inefficiencies in legacy processes are quietly increasing the cost of doing business for all asset managers, at a time when every dollar counts.” added Peter Rippon, OpenGamma CEO.
OpenGamma has struck a number of alliances with buy-side firms and analytics providers including London-based hedge fund Aspect Capital.