OpenYield Secures New Funding to Transform the Bond Market

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Nov 21, 2024, 08:30 ET

Additional round brings OpenYield's total funding to $7M

NEW YORK, Nov. 21, 2024 /PRNewswire/ -- OpenYield Inc., the operator of the FINRA and SEC-registered OpenYield ATS, announced today that it has successfully closed a new funding round to continue its mission to modernize the bond market. This most recent fundraise is led by Canapi Ventures, with additional support from Clocktower Ventures and Flow Traders and supplements earlier fundraising efforts from Fin Capital and TD Bank, bringing OpenYield's total funding to date to $7 million.

Since the launch of its marketplace in March 2024, OpenYield has onboarded over 20 institutional subscribers, including FMSBonds, Belle Haven Investments and Maritime Capital, who join previously announced partners Flow Traders, TD Securities Automated Trading and Apex Fintech Solutions Inc. The marketplace now displays offers in tens of thousands of bonds across munis, corporates, and Treasurys, with more added regularly.

Jon Birnbaum, Founder & CEO of OpenYield, commented: "We are thankful to all participants involved in our capital raise. This funding will propel us in our mission to transform how brokerages, advisors and asset managers access the bond market."

Birnbaum continued: "Our team is focused on advancing the industry. Looking ahead, OpenYield is excited to welcome new participants to leverage our real-time liquidity and modernize the investment process within the global $100+ trillion fixed income asset class."

Jeffrey Reitman, General Partner at Canapi Ventures, added: "We are thrilled to support OpenYield on its journey to transform the bond markets. By revolutionizing outdated bond trading technology with a combination of automated liquidity, easy integration, favorable economics and familiar market structures that serve all participants, OpenYield is fundamentally reshaping how the market engages with this asset class. Wealth management is a major priority for most banks today and it's only a matter of time until OpenYield enables them to efficiently trade in and out of fixed income securities on behalf of retail customer accounts. We are proud to back a team that is driving such meaningful change."

For more information and regular updates on OpenYield, please visit openyld.com

About OpenYield

OpenYield is a cutting-edge bond marketplace delivering an equity-like trading experience with leading economics. Our platform offers instantly actionable liquidity for corporate bonds, munis, and Treasurys. For brokerages, advisors, and asset managers seeking scalable fixed income solutions, OpenYield is the bond market you've been waiting for. Explore the future of bond trading at www.openyld.com.

CONTACT INFORMATION

Sam Raffalli
Forefront Communications for OpenYield
[email protected]

© 2024 OpenYield Inc. Securities products and services are provided by OpenYield Trading LLC, a wholly-owned subsidiary of OpenYield Inc., a broker-dealer registered with the SEC and MSRB, and member FINRA/SIPC. OpenYield Trading LLC operates an Alternative Trading System (ATS) registered with the SEC.

SOURCE OpenYield