India, June 26, 2019– Fintech start-up Open
which offers a business banking service for SMEs and start-ups, has raised INR 210
crores (USD 30 million) in a Series B round. The funding was led by Tiger Global Management and saw
participation from Tanglin Venture Partners Advisors. Existing investors 3one4 Capital, Speedinvest
and BetterCapital AngelList Syndicate also participated in the round.
plans to use the funding to scale up the team, launch more products & value-added
services and expand its reach to 1 million SMEs in the next one year. Open is immediately
set to launch two new products to enhance its business banking proposition; the
Open+ card, a business credit card with a 30-day interest-free credit line, for
venture backed start-ups and Layer, a unique programmable bank account for
in 2017, Open is solving business banking challenges faced by SMEs and start-ups.
Open offers a business account in partnership with banks which helps businesses
automate and run their finances effectively. This business account has all the
tools that helps businesses send and receive payments combined with the
automated bookkeeping tool to integrate banking into their business workflows.
The Open platform today has already grown to over 1 lakh SMEs and processing
over INR 35,000 crores in transaction. The platform also adds over 20000 SMEs
every month, making it the fastest growing SME focused neo-banking service
new business banking product from the Open stable and the Open+ business credit
card will be offered to help start-ups who are currently being ignored by
traditional credit companies. The card comes with an integrated end-to-end
expense management platform that enables businesses to issue physical or
virtual cards to their employees with custom spend limits and seamless expense
is also enhancing its API banking suite with the introduction of Layer – a
programmable bank account that will enable developers to control money
programmatically, build their own features on top of the bank account and
securely integrate with other services.
on the funding, Anish Achuthan, CEO, Open said, “Being one of the fastest
growing SME neo-banking platforms in the world, the key is to match the
ever-increasing customer demand for seamless financial management. For this, we
have to scale up the technology and our team. This funding will help us
accelerate our target of simplifying business banking for more than 1 million
businesses at a greater pace and also launching new products like the Open+
card and Layer that will enhance our value proposition for small businesses”.