Open is a neo banking fintech startup that provides its clients with an online platform for banking and intercompany settlement. The company offers startup and small and medium enterprises digital bank accounts that are packed with tools for invoices, bookkeeping, accessing credit, and moving money. Moreover, it allows financial institutions to integrate banking and payments into their accounting systems and applications.
The Series D funding round was led by IIFL. Existing investors, Temasek, Tiger Global, and 3one4 Capital, also took part in the round. The company still does not disclose the size of the round. However, it made Open the 100th Indian unicorn. The investments will be used for accelerating its product offering to SMEs and lending, as well as fostering the development of three new products.
Open, Bangalore, India, was founded by Ajeesh Achuthan, Anish Achuthan, Deena Jacon, and Mabel Chacko in 2017. Moving to those above-mentioned new products, this list includes credit offering – Open Settl, product for e-commerce businesses – Open Flo, and working capital lending offering for SMEs – Open Capital. Except for the already mentioned plans, the company also intends to use the new funding for the acceleration of existing product lines – Zwitch and Banking Stack. Another point of development is devoted to Open’s leadership team, employee number increase.