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Neo Banking startup Open raises $100 million in a Series C round of funding.

Open is Asia’s first neo banking platform for SMEs & Startups. Has said it raised $100 Million (about Rs 750 crore) in a Series C round of funding led by Singapore’s Temasek along with Google, SBI Investment with existing investors Tiger Global Management & 3one4 Capital. This round values Open at $500 million and sets up the company to achieve unicorn status in the course of the next year. Other investors in Open include BEENEXT, AngelList, Tanglin Investment Partners, Unicorn India Ventures, Speedinvest, and Recruit Strategic Partners.

Based in Bengaluru, founded in the year 2017 by Anish Achutan, Ajeesh Achutan, Mabel Chacko, and Deena Jacob, Open offers a seamless business banking experience and makes managing finances a breeze. Powered by partner banks, Open offers a business account that lets small business owners collect payments, auto-reconcile them, and make seamless payout. Also offers additional tools designed exclusively for businesses, such as an integrated payment gateway, automated accounting, and expense management. 

The company is processing USD 20 billion in transactions annually and powering business payments for close to 2 million SMEs currently, according to the statement.

“Over the last 4 years, we’ve grown from strength to strength to be the fastest-growing SME neo-banking platform globally,” said Anish Achuthan, CEO, Open. “Our product offerings have helped nearly 2 million SMEs in the Indian market and we’re just getting started. We look to expand our product range in the coming months in embedded finance and enterprise banking. We also look to cater to over 5 million SMEs by August 2022.”

Open has been revolutionizing the way SMEs and startups bank since 2017 and currently serving more than 15,00,000 SMEs and process $24 Billion in transactions annually. The platform onboards 50,000 new SMEs and startups every month.

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Written by Ravi Tilekar


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