Fintech startup Open has raised Rs 210 crores ($30 million) in a Series B round led by Tiger Global Management.
Open soon to launch Open+ card and Layer to increase its business banking proposition.
Open eyes to become the world’s fastest-growing SME focused neo-banking service.
The smooth operation of financial services has always been a matter of concern for industries. Now technology has bestowed humans with several methods to make it easy. Several startups are also working on this concern. Recently Business banking service for SMEs and startups offering Fintech startup Open has raised Rs 210 crores ($30 million) in a Series B round. The round is led by Tiger Global Management. The funding round saw participation from Tanglin Venture Partners Advisors, Speed invests, better capital AngelList Syndicate, and 3one4 Capital. Open plans to use raised funds in expanding its reach to one million SMEs in the next one year, launch more products and value-added services and in scaling up its team.
Open is soon to come up with two new products to increase its business banking proposition. These products include the Open+ card, a business credit card with a 30-day interest-free credit line, for venture-backed start-ups and an innovative programmable bank account for developers named as Layer.
Anish Achuthan, CEO, Open, said related to funding that “We are one of the fastest developing SME neo-banking platforms in the world, the main target is to match the ever-enhancing customer demand for seamless financial management. In order to achieve it, we are trying to scale up the technology and our team. This funding will assist us to focus with great velocity towards our target of simplifying business banking for more than one million businesses at a high speed and also launching new products like the Open+ card and Layer that will patronize in increasing our value proposition for small businesses.”
Open came into action in 2017 and since then it is assisting SMEs and startups by solving their business banking problems. It has done a partnership with the bank and it offers business account to SMEs and startups to assist them in running their business and finances smoothly. The business account has all innovative tools that assist businesses in sending and receiving payments combined with the automated book-keeping tool to combine banking to business workflows.
Open now is providing its services to 100,000 startups and processing over Rs 35,000 crores in a transaction. It is becoming the world’s fastest-growing SME focused neo-banking service by adding more than 20,000 SMEs every month.
Open is increasing its API banking suite with the launch of Layer. The layer is a programmable bank account that assists developers to have command on money programmatically, securely integrate with other services and create their own features on top of the bank account.
Open stable and the Open+ business credit card has come to assist startups that are facing the problem of ignorance by credit companies. The card has a feature of integrated end-to-end expense management platform that helps businesses to issue virtual or physical cards to their employees with seamless expense filing and custom spend limits.
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