OpenLegacy secures $20 Million to leverage Blockchain app MoneyTap and to Accelerate its Digital Transformaion

SBI Holdings has invested $20 Million in OpenLegacy.

Founded in 2013, Washington based OpenLegacy is a provider of microservices-based API integration and management platform. The company has raised a total of $61M to date. Fortune 500 companies like Citi, Liberty Mutual, FIS, and BNP Paribas-Cardif are using the OpenLegacy platform.

Executive Opinion

SBI Holdings President & CEO,  Yoshitaka Kitao, said, "OpenLegacy will enable our portfolio companies to quickly launch digital innovations, integrating, leveraging, and extending our legacy systems in a fraction of the time, all without changing the underlying systems."

OpenLegacy's President, Ron Rabinowitz, said, "SBI's use cases demonstrate the range of achievements that OpenLegacy's technology makes possible.The investment opens the door to Japan, the world's second largest mainframe market. It is an important milestone in our global expansion; we're now serving the world's top clients across the United States, Europe, LATAM and Asia."

SBI Holdings' Investment in OpenLegacy

OpenLegacy's vision to accelerate its own digital transformation activities and its long term technology promise were the driving factors for the investment, according to the announcement.

SBI Holdings intends to leverage OpenLegacy's technology to build Internet banking across SBI's growing portfolio of Japanese banks. Also, financial services giant plans to institute a blockchain-based payment application, MoneyTap.

OpenLegacy accelerates the digital transformation of legacy systems by automatically generating microservice-based APIs. The solutions also enable seamless integration into existing or new DevOps pipelines, notes the announcement.